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Chicago Sales Tax Paper Goes Down Better than Its GOs

June 03, 2015

Helped by a stronger revenue backing, Chicago's remarketing of $112 million of sales tax-backed bonds fared notably better Wednesday than its general obligation deal a week earlier. "The pricing looks pretty fair," said Brian Battle, director of trading at Performance Trust at Capital Partners. "Because of the triple-A it's getting better pricing than the GOs, but it's ridiculously cheap for a triple-A. It demonstrates the market penalty" for the city amid state political inaction on pension liabilities.

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