Midwest

Deep bondholder losses are expected when the bonds issued for five Better Housing Foundation portfolios in and around Chicago emerge from Chapter 11.

Twin Cities International School and MIMCS Building Company announced the reversal in a public notice filed Monday.

Forecasters now expect a $641 million surplus this year and a much smaller than previously projected $1.3 billion gap in the next two-year budget cycle.

Fitch says the bond-financed settlement provides certainty and leaves the state's reserves intact, which puts the state on sound footing to manage the uncertainties with the coronavirus.

Munis are likely to lag Treasuries in some fashion once year-end empathy settles in mid-month and ratios become a factor.

Modest revenue growth is projected over the course of the biennium that begins July 1, but “unprecedented volatility” because of the pandemic remains a concern.

The budget cleared the Chicago City Council Tuesday. Rating agency and buy side reviews on the final plan will come next.

Without more federal relief, the Illinois Regional Transportation Authority's service boards warn of devastating service cuts, layoffs and fare hikes.

The Michigan Strategic Fund would issue bonds to fund a loan that would go to cover claims stemming from contamination of the city's water system.

The Finance Committee signed off on new money, refunding, and scoop-and-toss debt restructuring deals and finance teams to assemble and sell the bonds.