CHICAGO — Faced with the headwinds of negative credit action, Illinois is hoping to see demand from investors whose state paper holdings were paid off over the last year and recognize the state’s fiscal strides as its offers $800 million of general obligation bonds on Wednesday.

“In the last 12 months, we have paid off a significant amount of Illinois debt so we believe there’s appetite out there for the name,” director of capital markets John Sinsheimer said Monday. He’s also banking on still-scant supply and the size of the state’s offering.

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