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Illinois bonds hit hard after U.S. judge's Medicaid ruling
June 8, 2017 / 4:44 PM / 6 months ago

Illinois bonds hit hard after U.S. judge's Medicaid ruling

CHICAGO, June 8 (Reuters) - Illinois general obligation bond prices plummeted and yields soared in the U.S. municipal market on Thursday, a day after a federal judge ordered the cash-strapped state to find more money to pay Medicaid providers.

Yields on bonds due in 2024 climbed to 5.15 percent, according to Municipal Market Data, while Illinois’ so-called credit spread over MMD’s benchmark triple-A scale jumped to as much as 380 basis points. (Reporting By Karen Pierog; Editing by Chizu Nomiyama)

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