Illinois rode the tailwinds of market demand for higher-yielding paper and a rosier fiscal picture that sent its spreads Tuesday to a primary outing low not seen since a two-year budget impasse in 2014 left its ratings near junk. "Illinois again has the great good fortune of borrowing when rates are low, and spreads are tight. There is a lack of muni supply, and that was illustrated by the order book here," said Brian Battle, director of trading at Performance Trust Capital Partners.
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