Markets

The 2017-2018 plan contains one new item — private activity bond guidance.

Treasurer Denise Nappier called for sound bond-cap provisions, full funding of ARCs and adherence to a 2008 pension bond covenant.

Municipal bonds were steady at mid-session as the market eyes a chunky new issue calendar, topped up by the return of Illinois with a multi-billion dollar bond offering on Wednesday.

It's the utility's first long-term debt issuance since a court ruling that could have credit repercussions for SRP and other public utilities.

In what’s easily the largest deal of the year, Illinois is set to come to market with $4.5 billion of general obligation bonds that will help pay down a bill backlog that’s around $15 billion. The lowest-rated U.S. state has momentum going its way after last week’s successful $1.5 billion competitive GO sales -- and Illinois is hoping that success spills over into this week’s negotiated offering.

Municipal bond market participants are returning to work on Monday looking at another chunky new issue calendar, topped by the return of Illinois with a multi-billion dollar bond offering that aims to pay off some of the state’s overdue bills.

The Chicago Fed National Activity Index for September increased to positive 0.17 from negative 0.37 in August.

Some softening in the third quarter business environment was suggested by the NABE October 2017 Business Conditions Survey.

Fitch and Kroll both raised Wisconsin's rating to AA-plus.

The primary muni market is set another busy week with $10 billion in new paper, as one deal from Illinois accounts almost half of the negotiated calendar.