In the latest installment of Muni Minute The Bond Buyer's 60-second video series -- we focus on a busy week in the Midwest where the city of Chicago and Cook County will unveil their budgets while two $1 billion-plus deals from Michigans Great Lakes Water District and the state of Illinois will hit the market.
VOICE OVER: The Midwest captures market attention this week with the release of budgets from two high-profile issuers and $2 billion bond deal. Chicago takes center stage on Tuesday when Mayor Rahm Emanuel announces how he's going to tackle spending gap of $137 million in 2017 while paying for a crime-fighting program amid a spike of homicides that threatens to undermine city efforts to stabilize its finances and promote its image.
Later in the week, Cook County Board President, Tony Preckwinkle will outline a 2017 budget. The county has its own $174 million deficit to erase. On Thursday, two bond deals are coming. One with positive credit momentum, and the other facing more negative news. Illinois plans to offer over $1 billion of refunding GOs after a fresh downgrade due to the state's prolonged budget impasse amid mounting pension woes.
The Great Lakes Water Authority in Michigan will make its market debut with the sale of over $1 billion in new money and a funding of former Detroit water and sewer revenue debt it inherited. The issuer has recently won credit upgrade. I'm Chip Barnett. This is in your Muni Minute.