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PNC: Rates largely unchanged; Pine‑Richland could gain modest savings if refunding window opens
Summary
PNC Capital Markets told the Pine‑Richland School District finance committee that interest rates remain largely flat since late 2024 and that two refunding candidates could produce roughly $71,000 in annualized savings if market moves tighten by 70–90 basis points and the district reaches a roughly 3% net savings threshold.
Tony Masidi of PNC Capital Markets presented a market update and preliminary refunding outlook to the Pine‑Richland School District finance joint governance meeting, saying the municipal market has been “holding serve” since the end of 2024 and that little has moved short‑term yields.
Masidi told the board the district’s taxable and tax‑exempt yield curves are “about where we were at the end of 2024,” and that investors are waiting for clearer signals from economic data and Federal Reserve commentary before pushing rates substantially lower or higher. “Rates are about where we…
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