The $675 million Chicago Board of Education unlimited tax general obligation with dedicated revenues bonds were priced to yield 7.75% with a 7% coupon in 2026 and 8.5% with a 7% coupon in 2044.
As of press time, no information was available about the taxable portion of the deal.
After bookrunner JP Morgan originally indicated a pricing would be released around 12:30 p.m., a preliminary pricing was released just before 2 pm eastern time.
The rating agency's review was triggered by the city's move to effectively end plans for a seawater desalination project that has $235 million of bonds outstanding.
With an insolvent Highway Trust Fund, toll revenue and PABs are increasingly important for transportation financing, lobbyists said.
The White House has appealed a D.C. District Court ruling allowing Federal Reserve Gov. Lisa Cook to remain on the Fed board pending the outcome of her challenge to President Trump's moves to fire her.
Changes in how Low-Income Housing Tax Credits are awarded has bond attorneys searching for answers in government offices that have been hollowed out through layoffs and retirements.
State government own-source revenue declined 2.3% in fiscal 2025 from the totals in fiscal 2024.
The commission also approved an audit for the financially troubled Winston-Salem/Forsyth County School District.
