Markets

The state of Illinois sold $2 billion of three-year notes to the Federal Reserve's Municipal Liquidity Facility at 3.42%.

The authority that financed baseball and football stadiums in Chicago is sounding fiscal alarms as the coronavirus pandemic crushes hotel tax revenue.

While the latest read of manufacturing from the New York region suggests slowing, with COVID vaccines starting to be rolled out, the future index gained.

The municipal market can best be described as a "Goldilocks market" due to accommodative federal monetary policy, strong demand and limited supply, bond director Ben Watkins told the Cabinet.

Even with COVID-19-related shutdowns — a New York City lockdown may be imminent — issuers are pricing bonds into an extremely low-rate environment.

New York State's short-term revenue losses, resulting from coronavirus shutdowns, won't curb enthusiam for the Empire State Development Corp.'s offering, according to market sources.

The state's largest authority pulled off a $1.23 billion issuance that included its inaugural green bonds, and it did so during the height of the coronavirus pandemic.

The LBJ Infrastructure Group, operator of managed lanes on a Dallas highway, will sell $1.2 billion of bonds through a conduit issuer.

Munis firmed Friday, only the second time in December they weren't flat, and more than a few participants are waiting on yields to rise before getting involved, particularly given the rich muni/treasury ratios and low absolute yields.

Nelson, a 30-year veteran of the financial services industry, joins Hilltop's Encino, California, office.