State of Illinois

Wells Fargo Head of Municipal Markets Strategy Vikram Rai said on Monday that Illinois' bonds are underappreciated as he released a report on the state.

Loop Capital's Jim Reynolds was among the nine private and public entities that signed a pledge to help bring in more historically underutilized businesses on construction projects.

The Illinois state comptroller reported a 55% year-over-year increase in the general revenue fund cash balance as her office closed fiscal 2024.

The state of Illinois is preparing to issue $600 million in new Build Illinois junior sales tax revenue bonds next week.

Finance officials from Ohio, Illinois, Pennsylvania, Oklahoma and Palm Beach County have joined Israel Bonds' new Government, Industry and Financial Services Leadership group.

The city may also issue an RFP for underwriters, though the timing is not set, said CFO Jill Jaworski.

While the state is boosting the budget reserve, it's also forecasting $1.4 billion in additional fiscal 2024 revenue that would be partially offset by spending pressures.

The upgrade brings Illinois up to the A-minus level across the board. The state had three BBB-minus or equivalent ratings as recently as July 2021.

Investors and ratings analysts look beyond the bevy of local hospitality taxes backing MetPier's debt to the state sales tax that acts as the paper's ultimate security.

The state in 2010 sold $1.5 billion of bonds backed by payments from a master settlement agreement with tobacco firms and used the proceeds to pay overdue bills.