$75.460M Capital Facilities Lease-Appropriation Bonds, Series 2025A (Cultural and Sports Facilities Building Fund Projects)

Summary

Pricing Date: Monday, April 14^th, 2025
Rating: Aa1/NR/AA+/AA+ (Moody’s/S&P/Fitch/Kroll)
Call Feature: Non-Callable
Senior Manager: Raymond James & Associates
Co-Senior Manager: Piper Sandler & Co
Co-Managers: Estrada Hinojosa, Huntington Securities, KeyBanc Capital Markets
Financial Advisor: Acacia Financial Group
Priority Policy: 1) Ohio Individual Retail 2) Ohio Professional Retail 3) National Individual Retail 4) National Professional Retail 5) Group Net 6) Member

Market Conditions

• On April 11^th, the MMD AAA scale was cut 27bps from 2026-2029, cut 26bps in 2030 and cut 25bps from 2031-2055. At 3:00pm when MMD set its scales, the USTSY 2yr was at 3.947% or 11bps weaker than at this time on April 10^th and the 10yr was at 4.48% or 9bps wider and the 30yr at 4.867% was 3bps wider to yesterday’s 3pm level.

Transaction Highlights

• The State of Ohio was pre-marketed with indications of interest throughout the 10-year maturity ranges.
• Estrada Hinojosa submitted $7.070 million in orders on the deal with $3.773 million or 5% in liability.
• Estrada Hinojosa was allotted $100,000 in going away orders to Hancock Whitney Trust & Asset Management for the 2030 maturity.
• Despite market volatility on the day of pricing, the transaction was well received, and the final pricing scale was able to tighten spreads from 3-10 basis points across the curve at the end of the order period.