State of Illinois

The municipal market will get another healthy dose of issuance in the final full week before Thanksgiving. The calendar is chock full of deals from Illinois, as all issuers look to price bonds before the tax laws change.

Municipal bonds were markedly weaker at midday as market participants remain fixated on the newly released Senate tax reform proposal and how it compares with the House version.

Municipal bond market participants are scanning the news closely for details of tax reform provisions that affect them.

The state reported a small jump in its unfunded burden while its funded ratio saw a sliver of improvement.

The bond proceeds and matching federal funds mean Illinois will pay off $8.5 billion of bills.

The collective funded ratio of all Illinois public pension funds is 47.9%, according a state report.

More states and localities moved ahead with infrastructure financings in October, as issuers gained confidence the municipal tax exemption will remain in place.

The Teachers' Retirement System saw double-digit investment returns but its unfunded tab grew.

Municipal bonds were unchanged at mid-session, according to traders, who are looking ahead to the next week's $6.7 billion new issue slate, which will be headlined by big offerings from Virginia and Maryland Issuers.

Municipals bonds are little changed in early activity as the market eyes next week’s new issue calendar, which is topped by big offerings from Virginia and Maryland Issuers.