CHICAGO - Illinois received nine bids on its $150 million competitive sale of general obligation bonds Tuesday, faring better in the level of interest from broker-dealers and yields than state officials had expected after a string of bad credit news.
JPMorgan submitted the low true interest cost bid of 4.73 %. Morgan Stanley submitted the high bid of 5.087% - a rate the state had viewed as a possibility based on the negative credit news. The deal was the first under new Gov. Pat Quinn, who took over as governor after the General Assembly removed Rod Blagojevich from office earlier this year.