Markets

The city received $217 million of retail orders — a rarity in Illinois where local bonds don't benefit from state tax exemption — and interest from 11 ESG funds.

Rising interest rates, market volatility and the loss of business and revenue top the public finance industry's concerns for 2023.

For the first time in several weeks, munis last week outperformed "by a wide margin and across the entirety of the yield curve," said Eric Kazatsky, head of municipal strategy at Bloomberg Intelligence.

Investors will be greeted Monday with a new-issue calendar estimated at $5.520 billion.

A demand survey conducted by CDLAC in November foreshadowed $11 billion in requests from applicants for the state's private activity bonds.

The primary "pumped new life into an already-firm market with a lower yield range being established," said Kim Olsan, senior vice president of municipal bond trading at FHN Financial.

Inflows returned, with the Investment Company Institute reporting investors added $1.982 billion to mutual funds in the week ending Jan. 11, after $3.157 billion of outflows the previous week.

While the legislation heading to Gov. J.B. Pritzker's desk will not affect CPS' rating in the short-term, the district's ability to manage labor conflict could affect credit quality over time, Fitch said.

The Municipal Securities Rulemaking Board's request for comment on amendments to its primary offering disclosure rule garnered just two submissions.

Chicago put out pre-marketing pricing scales Tuesday on its STSC new money social bonds and refunding tranches and will take retail orders Wednesday with the pricing set for Thursday.