Illinois

Secondary trading showed clear strength across the yield curve Thursday with bellwether names trading up significantly from recent prints and original pricing levels. New-issues in the primary benefited with issuers repricing to lower yields and tight to triple-A curves.

The municipal bond rally has brought two big Illinois issuers into the market with plans to sell refunding bonds this week.

Joe Ferguson, who served as Chicago's inspector general under three mayoral administrations, replaces Laurence Msall, who died earlier this year.

The Plan of Action for Regional Transit asks lawmakers for $1.5 billion of new operating support for transit and at least $400 million annually of complementary capital investments.

The weakness came as the new-issue calendar grew to $5.9 billion with the addition of a $900 million refunding deal from the Illinois State Highway Toll Highway Authority slated for Thursday. Bond Buyer 30-day visible supply sits at $6.95 billion.

The top five bond financings have an average dollar volume of more than $1 billion.

The City Colleges of Chicago is planning to issue $201 million in unlimited tax GO refunding bonds, bolstered by an upgrade and a new positive rating outlook.

Illinois spreads tightened considerably after ratings upgrades earlier this year. The state saw up to 10 bidders on $875 million of taxable and tax-exempt GOs.

The city has made some important progress on the expenditure side, but the new mayor's first budget didn't make similar strides on revenues, according to Fitch.

The top five bond financings have an average dollar volume of more than $1 billion.