Bond Dearth Defied With Illinois’s Third 2014 Offer: Muni Credit
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The smallest wave of municipal borrowing in three years is proving a boon for Illinois. The lowest-rated U.S. state is selling debt for the third time since February after winning the lowest bond costs since 2009.
In 39 states, an austerity push is helping keep issuance behind the 2013 pace, fueling the biggest muni rally in five years, data compiled by Bloomberg show. That’s not the case in Illinois, where localities have tapped falling borrowing costs to sell $4.5 billion of debt, the fastest pace since 2011.