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THE BOND BUYER: Illinois plays waiting game on cash flow issue amid coronavirus-widened spreads

May 06, 2020

Illinois backed away from a Wednesday pricing of $1.2 billion in one-year general obligation certificates, moving the competitive sale to the day-to-day calendar as fiscal headwinds threaten to impose steep yield penalties. "They need the money but at what price?" said Brian Battle, director of trading at Performance Trust Capital Partners. "There's going to be buyers for a sovereign state credit at these spreads."

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