City of Chicago, IL

A new mayoral task force will work on Chicago's economic recovery effort as the city's finance team continues to assess the damage.

Chicago Mayor Lori Lightfoot says city hopes for additional federal help and won't dip into reserves or push off pension payments to manage through coronavirus-induced economic turmoil.

Lori Lightfoot's confident statements about the city's fiscal resilience aren't wholeheartedly shared by the muni buy-side as the coronavirus hurts the economy.

Smith, who headed the restructuring practice at Chicago-based McDermott Will & Emery, worked on nearly every major muni bankruptcy of the past 20 years.

The city and state haven't put dollar amounts on what they need but both were already facing budget and pension stresses before the public health crisis struck.

Chicago Mayor Lori Lightfoot's administration is stressing the city's improved liquidity and jolt of refinancing savings provide a cushion to manage the near-term tax losses.

Illinois freed up $500 million in capital funding for a University of Illinois research center that will anchor the development.

Chicago’s $1.5 billion sale of general obligation refunding bonds and Sales Tax Securitization Corp. debt generated $310 million of budget savings.

Chicago GOs were upsized and repriced on Wednesday to bump yields as indications of interest were taken on the Sales Tax Securitization sale.

Both the senior and the new second lien of Chicago's Sales Tax Securities Corp. are now rated AA-minus.

A healthy response to Chicago's first tender invitation is expected to bolster the savings on $1.47 billion of refinancing debt the city sells this week.

The Windy City is looking to add even more savings to a $1.3 billion debt refinancing with a tender invitation for some of its older, higher-yielding bonds. “The tender is just gravy,” City CFO Jennie Huang Bennett said last week.

Demand for municipal bonds is much stronger in 2020 than it was to end 2019, illustrated by record inflows into the asset class in the latest reporting week.

Chicago is coming to market next week with its $1.3 billion debt refinancing.

While there are no major municipal bond sales slated for this week, next week is a different matter.

Chicago fared poorly in a Moody's report about the nation's largest cities and Illinois continues to stand out for budget stress and pension liabilities.

The city is folding together separate syndicate and advisor teams on $1.2 billion of general obligation and Sales Tax Securitization Corp. refunding deals.

The Illinois Finance Authority and Chicago closed on the first property assessed clean energy bond deal in the state and authorization is in place for more.

Rating agencies affirmed Chicago's GOratings and the first report also out on the new junior lien Sales Tax Securitization Corp. credit.

Mayor Lori Lightfoot's first budget cleared the City Council on a 39-11 vote.