State of Illinois

The incoming Bond Buyer Hall of Famer combined legal training, investment banking and financial advisory experience to solve complex financings — and used that range to help develop the industry's next generation.

The incoming Bond Buyer Hall of Famer spent nearly 50 years pairing legal expertise with advocacy, deal structuring and legislative problem-solving to help issuers navigate risks and expand their financing options.

With a general obligation bond deal in the works, Illinois can tout Moody's upgrade to A1 of the state's issuer, GO and Build Illinois sales tax bond ratings.

Illinois released its 2025 Annual Comprehensive Financial Report last week, completing the report nearly eight months earlier than its 2024 ACFR.

Illinois returns to market with about $1.4 billion of GO bonds on Tuesday, with proceeds funding accelerated pension benefit payments and capital projects.

Illinois Gov. JB Pritzker resurrected a 2024 pension proposal that would increase the state's funding goal to 100% by 2048.

The upgrade is driven by realized and expected improvement in the state's financial metrics, the rating agency said.

Paul Chatalas, director of capital markets for the state, said the six series of bonds drew "aggressive bids."

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.

"In the coming weeks, we will be taking a much closer look at the challenges we face and how we will address those challenges reasonably and responsibly," said Mayor Brandon Johnson.

The governor said a bill authorizing non-home rule local governments to enter into public-private partnerships created the potential for corruption.