City of Chicago, IL

Chicago's Sales Tax Securitization Corp. will sell $150 million of social bonds next month in the city's first ESG-labeled deal.

Major cities are generally doing well despite economic volatility.

Both S&P Global Ratings and Kroll Bond Rating Agency revised their outlooks for Chicago general obligation bonds to positive from stable.

Chicago's upcoming general obligation sale will carry a Moody's rating for the first time since at least 2014.

Seven years after dropping Chicago to speculative grade citing pension funding, Moody's returned the city to investment grade, citing pension funding.

New GO borrowing authority, a WIFIA loan for lead water service line replacement, and short-term airport financing are before Chicago City Council.

Chicago, upgraded Friday by Fitch, will follow City Council's expected passage of a new 2023 budget next month with a new money general obligation bond issue.

The upgrade reflects the city's improving pension funding practices, commitment to a sound reserve position and ability to institute structural budget measures, Fitch said.

Mayor Lori Lightfoot's proposed budget would forgo an inflation-formula-based property tax hike and make supplemental contributions to the city's pension funds.

Chicago is leading the pack in pension fund problems.

The Skyway sale "proves that sophisticated global investors who can buy assets anywhere view Chicago as a great place to invest," said a spokesperson for Mayor Lori Lightfoot.

Chicago's O'Hare $1.77 billion offering took center stage this week with the city offering a diverse structure to lure buyers.

The Minnesota Airports Commission is also in the bond market with a $386 million deal this week, followed by Chicago's $1.77 billion transaction next week.

Chicago put its message on fiscal progress directly to bondholders at the annual investors conference last week.

Chicago projects a $127.9 million gap looms in 2023. That's down from the $306 million projected in May and the $867 million from last year's forecast for the coming year.

Chicago will conduct a full-court press of the buy side next week.

Fitch and S&P moved the district's outlook to stable as its balance sheet weathered the COVID-19 storm and pension overhaul legislation removes the threat of looming insolvency.

Chicago laid out three options for updating Soldier Field whether or not the Bears stay, but had little to say on financing plans beyond offering naming rights, league financing and debt as options to be explored.

State Rep. Mark Batinick said he’s generally not a fan of red light cameras, but if they are going to be used, the fines should go to a source “that needs it and removes any motivation to simply use the cameras as a way to further tax the public.”

The proposal offers no suggestions on financing the project, which, if completed, could allow the stadium to host a Super Bowl or NCAA tournament.