$108.080M Various Purpose Unlimited Tax Bonds, Series 2025C (Federally Taxable) & Various Purpose Limited Tax Bonds, Series 2025D (Federally Taxable)

Summary

Pricing Date: Tuesday, October 7th, 2025
Rating: Aaa/AAA/AAA/NR (Moody’s/S&P/Fitch/Kroll)
Call Feature: 10/1/2035 @ 100.00
Senior Manager: RBC Capital Markets
Co-Managers: Estrada Hinojosa, Huntington Securities, Janney Montgomery Scott, J.P. Morgan, Oppenheimer & Co.
Financial Advisors: PFM Financial Advisors
Priority Policy: 1) Ohio Retail 2) National Retail 3) Net Designation 4) Member

Market Conditions

• On October 7^th, the MMD AAA scale was left unchanged 2026-2055. At 3:00pm when MMD sets its scales the US TSY 2yr was at 3.572%, 2bps firmer than at this time yesterday, the 10yr was at 4.125%, 4bps better, and the 30yr was at 4.726%, 3bps tighter.
• Munis were slow going once again but were a little busier than October 6^th with mostly sideways action although there were a few better trades in the midrange and longer but not enough to move the scale just yet.

Transaction Highlights

• The pricing was divided into two distinct series: the $48.165M Unlimited Tax Series 2025C, $59.915M Limited Tax Series 2025D. We are highlighting the structure for the longer series, the 2025C.
• The City of Columbus was pre-marketed with indications of interest throughout the 17-year maturity ranges.
• Estrada Hinojosa submitted $17.045 million in orders on the deal with $10.808 million or 10% in liability.