State of Illinois

The Federal Reserve opened the door to participating in a competitive bidding process for short-term notes, a requirement in Illinois law.

Investors scooped up Illinois’ $800 million deal as the state dug deep into its pockets .

A pre-pricing wire will be discussed by the state, its syndicate, and advisors early Wednesday ahead of a decision on whether to launch the deal or remain on the day-to-day calendar.

The Fed on Monday essentially said it was standing 10 feet back from the market, allowing it to manage the pandemic-driven crisis itself. Lower-rated issuers may benefit most from the facility.

High-grade trading Friday showed the disparate credit picture that investors are facing; they now need to dig deeper into municipal financials and the backstops on certain bonds.

The lowest-rated state government moved a $1.2 billion GO certificate deal to the day-to-day calendar in the face of a skeptical buyside.

Illinois published its fiscal 2019 financial results Thursday as strains from the coronavirus pandemic loom large over fiscal 2020 and 2021.

The Illinois penalty that raises borrowing costs for all issuers in the state may widen as local agencies and governments face likely cuts in state support.

The downgrade brings Fitch into alignment with Moody's and S&P, and the negative outlook leaves Illinois without any rating room above speculative grade.

Gov. J.B. Pritzker laid out revised revenue estimates for the fiscal 2020 and proposed 2021 budgets.