(Bloomberg) -- Illinois will lead states and municipalities bringing to market at least $9.8 billion of fixed-rate bonds in the opening weeks of 2010, after a lull in sales to close out this year, data compiled by Bloomberg show.
Illinois, the second-lowest rated U.S. state after California, will offer $3.47 billion of taxable notes to be repaid over five years to contribute to public employee pension funds for the fiscal year that ends June 30. Moody’s Investors Service and Standard & Poor’s cut Illinois’ credit ratings this month as it resorts to such borrowing to help bridge a budget gap of almost $12 billion.
