Speculative grade bonds

Chicago Public Schools plans to return to market with $650 million of Series 2025A unlimited tax general obligation bonds.

"We are expecting a lot of interest in the offering next week," said Geoff Urbina, managing director, KeyBanc Capital Markets Public Finance.

"Another set of eyes helps improve the deal for everybody, including the borrower, because the borrower is going to want a successful venture too," said John Miller, head and chief investment officer of First Eagle's municipal credit team.

The largest investors in the Brightline Florida train have negotiated new terms ahead of an Aug. 13 repayment deadline.

Generous federal support is offset by a small and volatile economy, the agency said.

The risk Brightline Florida poses to the rest of the high-yield market may manifest in fund flows, investors said.

Some bondholders have retained legal counsel while others are in the dark about the company's plans.

Fitch said the train line's ridership and revenue ramp-up continue to lag projections.

Investors are watching an Aug. 13 refinancing on $985 million of bonds for proposed commuter line projects with southern Florida counties.

Columbia College Chicago was lowered one notch to BB-plus from BBB-minus by S&P Global Ratings, citing the school's falling headcount and diminished demand.