State of Illinois

The current deal deluge is causing a minor yield pullback, but levels have been steadier than many probably thought, trader said.

Favorable sale results compared to recent secondary trading levels prompted MMD to narrow Illinois' spreads on average by 10-30 basis points across the curve with the short-end seeing the biggest improvement.

Municipals weakened as supply surged into the market, with AAA yields up by as much two basis points on longer-dated maturities.

Cameron Mock, chief of staff and senior fiscal advisor to the deputy governor of Illinois, Melissa Dubowski, deputy finance director of the city of Houston and John Markowitz, assistant treasurer of Transurban, join Innovation Editor Lynne Funk to discuss their day-to-day work navigating COVID-19 effects, budget stresses and the future of public finance post-pandemic. (25 minutes).

The coronavirus pandemic took its toll on Hawaii's credit rating Monday as Fitch cuts the Aloha State's GOs to AA. NYC TFA announces $1.1B sale for next week.

Tough decisions on spending and taxes lay ahead if Illinois voters reject a progressive income tax structure and federal coronavirus relief fails to pan out.

Chief of Staff for Deputy Governor, State of Illinois

The market will digest the once-again largest amount of new issues in 2020, including some higher-grade state GOs that have been quiet of late. Some participants said a back-up in rates could occur after a mostly quiet week.

Moody's followed S&P in issuing a shot across the bow on coronavirus-driven threats to Illinois' ratings that are one cut away from junk.

New revenue from a graduated tax without an accompanying long-term plan to tackle the state's fiscal woes won't solve them, the Civic Committee of the Commercial Club of Chicago warns.

S&P issued a bulletin Monday warning that pressure is mounting on Illinois' BBB-minus rating —the lowest investment grade — as federal relief remains stalled.

Gov. J.B. Pritzker warns of thousands of layoffs across illinois governments and a $1 billion hit to education funding if the federal government does provide relief.

Illinois' longest serving governor, James R. Thompson, died Friday due to heart complications.

A deteriorating market could change the calculus, but with rates at record lows, the MLF might not be needed for most issuers.

Moody's Investors Service says the appellate court decision could impede the state government's flexibility in dealing with coronavirus-driven budget woes.

Without commenting on the legal merits laid out so far in the case, an appellate court panel concluded the lawsuit met the threshold to proceed as a taxpayer action.

Illinois in the spring cut its fiscal 2020 and 2021 revenue estimates by more than $7 billion due to the pandemic.

Illinois paper is trading at tighter spreads than it did amid the original coronavirus surge, though they remain much higher than in February.

The municipal market saw a $40 billion-plus month for the second time this year, as issuers flooded the market with bond sales during the month of June.

The state's ratings, just one rung above junk, are holding steady after analysts' initial review of a fiscal 2021 budget that pins hopes on future federal relief.