The State of Wisconsin’s 2025 refinancing set a new standard for municipal tenders. Instead of a fixed price, the state executed the first fixed-spread tender for tax-exempt bonds, anchoring pricing to the AAA BVAL curve. That shift reduced rate volatility for both issuer and investors during the offer window and produced a more predictable outcome. Participation was broad across funds, insurers, and retail, reflecting deep market engagement. Paired with its Series 3 refunding bonds, the strategy delivered meaningful present-value savings and a clear, repeatable blueprint other issuers can use to modernize liability management.