January 22, 2016
The Bond Buyer
CHICAGO – Bruce Rauner hasn't been able to broker a state budget, but the Illinois governor was able to move the market for Chicago school bonds – in a costly direction for the school district. "If you are interested in this deal you probably know they are insolvent but it doesn't help the prospects for the Chicago Board of Education to have the governor of the state saying your school district needs to be taken over and restructured right in front of your deal," said Brian Battle, director of trading at Performance Trust Capital Partners in Chicago. "It gives investors an excuse to demand more yield."
You must be a Bond Buyer subscriber to view this article.