Illinois Pays 17% More Than in April for $1.3 Billion Muni Sale

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Illinois Pays 17% More Than in April for $1.3 Billion Muni Sale

Illinois paid 17 percent more in extra yield than in April as it issued $1.3 billion of general obligations, less than a month after lawmakers failed to bolster the nation’s worst-funded state pension system.

The deal was Illinois’s first since its credit rating was cut after legislators left the state capital on May 31 without striking a deal on retirement costs. The issue included uninsured bonds maturing in July 2023 that yielded 4.46 percent, down from 4.56 percent in preliminary marketing, data compiled by Bloomberg show. ...More HERE