Illinois

Illinois saw an uptick in its financial fortunes during the past fiscal year, one of the few times the state's net position has improved in recent years.

A hotel tax that supports the authority's bonds has recovered strongly from the pandemic, the rating agency said.

So far, the temporary Bally's casino in Chicago has brought in about a quarter of the tax revenue it needs to generate to keep up with budget expectations.

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.