Investors on the hunt for yield with few pickings scooped up Chicago Public Schools' junk paper Wednesday driving down the district's yield penalties paid in the primary market to their lowest in years. "These are extraordinary times" for a "BB-rated district, in a below investment grade city, in a Baa3 state" to price at such levels, said Brian Battle, director of trading at Performance Trust Capital Partners LLC. Chicago carries one junk rating from Moody's Investors Service.
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