Midwest

The Federal Reserve opened the door to participating in a competitive bidding process for short-term notes, a requirement in Illinois law.

The state is facing an immediate $3.2 billion budget hole for the current fiscal year, with revenue estimates cut more than $5 billion for the next two.

Yields on all triple-A benchmark curves out to nine years are now below 1%. The largest bumps were again on the very short end of the curve. Lipper reported $580 million of inflows.

Investors scooped up Illinois’ $800 million deal as the state dug deep into its pockets .

Investors are sending the message that higher-grade, longer-term issuers will fare far better than lower-rated, higher-yield ones amid a focus on credit.

The short end of the municipal curve again saw yields fall, but that didn't impede the productivity of the day's new-issue market.

Voters overwhelmingly signed off on local school bond and revenue requests, and Milwaukee voters chose a new comptroller.

Moody's revised its outlook on the Chicago Transit Authority and Regional Transportation Authority to negative as COVID-19 threatens their revenue streams.

The Westin Lombard hotel and conference center in Chicago's suburbs dipped into debt reserves to cover operations after closing in response to the pandemic.

The two state administrations laid out initial estimates of revenue losses due to the pandemic as the federal government debates additional relief.