Yvette Shields

Investors endorsed Illinois’ pension restructuring legislation with state paper trading at tighter spreads while rating agencies, though cautious, called the overhaul a positive step.

Illinois Gov. Pat Quinn promised a prompt signature on the pension overhaul lawmakers delivered Tuesday, setting the stage for battles over its legality and effectiveness.

Ending a two-year political impasse, the Illinois General Assembly approved sweeping changes to the state's pension system billed by its backers as a "landmark" overhaul that will stabilize both the system and the state's fiscal foundation.

Democratic and Republican backers of legislation to fix Illinois's pension mess portrayed it as landmark legislation that represents the best shot at both stabilizing the system and the state's fiscal foundation while unions attacked it as unfair and unconstitutional.

Friendship Village of Sunset Hills, Missouri will sell $58 million of bonds this week to fund a major expansion of its retirement village outside of St. Louis.

The Missouri Association for Social Welfare last week filed a lawsuit contesting the summary language of a proposed ballot measure seeking approval for a one cent sale tax increase to fund transportation-related projects.

Michigan on Monday appointed financial review teams to examine the finances of two Detroit metro area governments – Royal Oak Township and Highland Park – launching the next step in a process that could lead to a state takeover.

With the market focused on Illinois ahead of a Tuesday vote on a pension system fix, the state has announced plans to take competitive bids on $350 million of taxable general obligation bonds next week to meet ongoing capital funding needs.

Illinois lawmakers convene Tuesday to vote on a package of reforms agreed to by their leaders with the aim of stabilizing a pension system saddled with $100 billion of unfunded obligations.

The Chicago City Council overwhelmingly approved a $7 billion 2014 budget that is balanced but with little buffer to absorb a $600 million pension payment spike looming in 2015.

The Missouri Secretary of State Securities Division filed a civil enforcement action against Morgan Keegan accusing the firm of securities fraud in its role as underwriter of $39 million of defaulted bonds issued by Moberly, Mo.

Moody's Investors Service has stripped Central College in Iowa of its underlying investment grade rating over its stressed operations.

A bankruptcy Court judge said he expects to rule by Wednesday on American Airlines' request for final clearance to merge with US Airways Group Inc. and exit Chapter 11.

Moody's Investors Service revised its outlook on the Chicago Symphony Orchestra's A3 rating to stable from negative in recognition of its improving.

The public body overseeing construction of a new Minnesota Vikings professional football stadium approved an agreement with the team and developer that caps the construction costs at $763 million.

Richard Ciccarone — a prominent voice for buyside municipal research — will retire from his post as chief research officer at McDonnell Investment Management LLC to devote more time to expand his Merritt Research database and -he hopes — to carve out more leisure time in his day.

Two Illinois health systems – Cadence Health and Rockford Health System – announced their plans this week to merge, the latest in a long list of healthcare unions in the state in recent years.

Chicago-based law firm Shefsky & Froelich and Ohio-based Taft Stettinius & Hollister LLP have agreed to join forces.

Morgan Stanley has cut three public finance bankers from its various offices, according to market participants, including Warren "Bo" Daniels Jr.

Chicago plans to enter the market Thursday with $326 million of Midway International Airport second lien refunding bonds in a long planned restructuring that was on hold as the city pursued a privatization deal.