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Illinois' $1.3 billion bonds fetch hefty yields
October 13, 2016 / 5:56 PM / a year ago

Illinois' $1.3 billion bonds fetch hefty yields

CHICAGO, Oct 13 (Reuters) - With Illinois’ political and fiscal problems showing no sign of abating, investors on Thursday demanded fat yields for the low-rated state’s $1.3 billion of general obligation refunding bonds.

Illinois’ so-called credit spread over Municipal Market Data’s benchmark triple-A yield scale widened from 162 basis points before the sale to 200 basis points for bonds due in 10 years, according to MMD. The wider spread indicates growing investor unease over the state’s ability to pass a balanced budget and address its huge unfunded pension liability. (Reporting by Karen Pierog; Editing by Matthew Lewis)

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