Illinois

The total unfunded pension liability for all 50 states is expected to be $1.3 trillion for fiscal 2023, according to a Reason Foundation analysis.

Mesirow's public finance group will collaborate with the firm's institutional sales and trading team to offer clients defeasance and cash-flow management for their portfolios.

Mayor Brandon Johnson is set to unveil a spending blueprint with new revenue proposals next month.

The state in 2010 sold $1.5 billion of bonds backed by payments from a master settlement agreement with tobacco firms and used the proceeds to pay overdue bills.

"In the coming weeks, we will be taking a much closer look at the challenges we face and how we will address those challenges reasonably and responsibly," said Mayor Brandon Johnson.

The authority approved $1.3 billion in conduit financings at its meeting Tuesday.

"As an investor I'm not looking at the activity of the stadium as the security," said an Illinois sports authority bondholder of potential exits by the White Sox and Chicago Bears.

The settlement, which hinged on a successful exchange of old bonds for fresh debt, resolves long-running investor litigation.

The rating agency cited the Illinois county's accumulated reserves, as well as required pension contributions for the move.

Issuers in the Midwest sold $32.6 billion of debt spread over 1,223 deals in the first half, down from $40.5 billion a year earlier.