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Chicago Investors' Conference Set the Table for October Budget Release

September 23, 2019
The Bond Buyer

Investors welcomed the opportunity to meet and hear directly from Chicago Mayor Lori Lightfoot, but they remain hungry to see the details of how she will tackle an $838 million deficit. “She's reiterating the same points that everything is on the table, that she's going to be tough, and there's going to be shared sacrifice,” said Brian Battle, director of trading at Performance Trust Capital Partners. “I’ve already heard that speech” but am “cautiously optimistic. The mayor is so far who she said she would be” on ethics reforms and other subjects but “we will find out” Oct. 23 if that remains the case.

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Summer Surge in Bank M&A Feels Like Distant Memory

September 09, 2019
American Banker

“Even if the same forward economics are favorable, the emotional connection to the market can slow transactional activity.” Performance Trust’s Bart Smith, along with Daryle DiLascia, commented on M&A in the American Banker.

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Wall St Rises on Strong Chinese Data, Hong Kong and Brexit News

September 04, 2019
Reuters

Performance Trust's Brian Battle speaks about how tensions in Hong Kong and Brexit are impacting the market. 

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Chicago Mayor Sends Signals to the Muni Market

September 03, 2019
The Bond Buyer

The municipal bond market has a message for the Chicago Mayor and Performance Trust’s Brian Battle commented in The Bond Buyer about his thoughts. 

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Wall Street falls on geopolitical tensions, recession fears Rate-sensitive financials weigh on S&P 500, Dow

August 12, 2019
Reuters

“The stock market’s selling off because the bond market is rallying like crazy,” said Brian Battle, director of trading at Performance Trust Capital Partners in Chicago. “There’s a flight to safety and there are multiple silos of political uncertainty.”“People are starting to give up and buy treasuries to wait it out,” Battle said. “Gold is a beneficiary too."

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Illinois files response to lawsuit challenging $14 billion of state GOs

July 23, 2019
The Bond Buyer

“The legal merit may be weak and it’s a long shot, but it’s hard to handicap judicial risks especially when a judge may not be well-versed in municipal finance and this case could be around a while as either side will appeal,” according to Brian Battle.

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Tech Sector Rises Near Record Levels on Fed, Trade Optimism

June 20, 2019
Bloomberg

“The Fed didn’t announce an easing, but we almost, almost got an ease, which is very constructive,” said Brian Battle, director of trading at Performance Trust Capital Partners. Battle also pointed to the recent news that President Donald Trump would meet with Chinese counterpart Xi Jinping at next week’s G-20 summit, which was viewed as a sign of potentially easing trade tensions.”

*available to Bloomberg terminal users

Illinois tollway takes a rating blow in Puerto Rico-related fallout

June 18, 2019
The Bond Buyer

The downgrade or concerns over revenue credits shouldn’t deter investors or raise yields on the upcoming sale, said Brian Battle, director of trading at Chicago-based Performance Trust Capital Partners.


“I think they will overlook it,” Battle said of investors. “The tollway is already suffering for being related to the state so it’s cheaper than it should be and I don’t think a disagreement on methodology between the rating agencies will impact pricing. It’s a good credit in a bad state.”


Battle also believes investors are still gauging how or even whether to price Puerto Rico risk given the precedent-setting ruling. It directly impacts states only in the 1st Circuit although it can influence decision in other circuits. “We are all learning as we go,” Battle said.

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Wall Street 'on pins and needles' ahead of Fed meeting; oil climbs

June 15, 2019
Brisbane Times

"There's a lack of information to trade and the magnitude of the importance of the Fed next week can't be overstated, so you don't want to put any position on in front of something that has the potential to be such big news," said Brian Battle, director of trading at Performance Trust Capital Partners in Chicago.

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Moody's Illinois affirmation first signal that budget won't draw downgrades

June 4, 2019
Bond Buyer

Moody's Investors Service affirmed its Baa3 rating and stable outlook on Illinois general obligation bonds Tuesday afternoon.

The formal action underscores the views of several municipal bond market observers that the budget does just enough to keep the state from a calamitous downgrade to speculative grade — but nowhere near enough to start talking upgrade.

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Performance Trust open to expansion after closing Banks Street deal

June 4, 2019
S&P Global

Performance Trust Capital Partners LLC recently closed its acquisition of Banks Street Partners LLC, but that is not the end of the company's expansion efforts.

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Pittsburgh bank set for major rollout in the Valley; market president named

May 30, 2019
Biz Journals

Dan Bass, an investment banker... [at] Chicago-based Performance Trust Capital Partners... said PNC is following a common thread of larger banks looking to establish a presence in other markets by assembling a local team rather than by trying to acquire a local financial institution.

"Banking is relationships so it makes more sense to do it this way rather than the expensive M&A route," Bass said.

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U.S. Fed sees no strong case for hiking or cutting rates

May 2, 2019
Reuters

“He is making the case that a rate increase is possible, not a foregone conclusion it’s a cut only,” said Brian Battle, director of trading at Performance Trust Capital Partners in Chicago.

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US STOCKS-S&P, Nasdaq notch record closes from GDP, earnings boost

April 29, 2019
CNBC.com

“The economy’s not going off a cliff. Some of the numbers were a little soft but everything that could have gone wrong this week didn’t,” said Brian Battle, director of trading at Performance Trust Capital Partners in Chicago.

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Illinois Lawmakers return to Tackle Taxes, Budget, and Pensions

April 26, 2019
The Bond Buyer

llinois lawmakers return to work next week to take up Gov. J.B. Pritzker’s crowded fiscal agenda in a five-week homestretch with the state’s weak ratings and spread penalties at stake. Performance Trust's Brian Battle weighs in.

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Global stocks mixed ahead of Easter break

April 18, 2019
Daily Mail

"There were lowered expectations of profitability, so businesses are doing a little better than expected," said Brian Battle, a director at Performance Trust Capital Partners.

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Market awaits Chicago mayor-elect's first moves

April 4, 2019
The Bond Buyer

“The first thing Lori Lightfoot should be doing is reading the resumes of people with budget and public finance experience so she can put together an expert financial team,” given that she’s a fiscal unknown, said Brian Battle.

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Finalists in Chicago mayor's race will draw municipal market scrutiny

February 28, 2019
Bond Buyer

Performance Trust Capital Partners' Brian Battle comments on the Chicago mayor's race and its impact on the municipal market. 

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Wall Street steadies after Lighthizer, Powell, Cohen testimonies

February 27, 2019
Reuters

Performance Trust Capital Partners' Brian Battle comments central bank policy and trade negotiations. 

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Pritzker’s budget and pension plans could irritate bond markets

February 22, 2019
The Southern Illinoisian

Performance Trust Capital Partners' Brian Battle comments on Illinois Governor J.B. Pritzker's ambitious plan to pay off the state's backlog of overdue bills.

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Rising Wages

February 12, 2019
Axios

Performance Trust Capital Partners' Brian Battle comments on rising wages and labor costs.

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Chicago deal closes the books on securitization refunding program

January 17, 2019
The Bond Buyer

Performance Trust Capital Partners' Brian Battle comments on Chicago closing the books on securitization refunding program.

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US stocks fall modestly on housing data, mixed earnings

October 18, 2018
Channel NewsAsia

Brian Battle of Performance Trust commented for Channel NewsAsia on recent stock decreases and how they have been impacted by the change in the Federal Reserve’s interest rate policy.

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Global stocks mostly fall as Fed signals more US rate hikes ahead

October 17, 2018
Yahoo! News

Recent stock decreases suggest that the market is still uncertain about Fed interest rate increases. Performance Trust’s Brian Battle commented for Yahoo! News on the possibility that this trend will continue.

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Illinois puts its best credit foot forward with sales tax bond deal

October 11, 2018
The Bond Buyer

As Illinois issued its first Build Illinois bonds since their slight downgrades, Performance Trust’s Brian Battle commented in The Bond Buyer on the factors that make it an attractive option to investors.

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The Finance 202: Trump is blaming the Fed for the market drop. His administration took another approach.

October 11, 2018
Washington Post

Performance Trust Capital Partners’ Brian Battle commented for the Washington Post on the recent stock market drop and why it represents a correction rather than a reason for panic.

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Editorial: Will the next mayor get Chicago its cut of a booming economy?

September 9, 2018
Chicago Tribune

Performance Trust’s Brian Battle commented for this Chicago Tribune editorial that explores the impact Chicago Mayor Rahm Emanuel has had on the municipal bond market during his tenure—and how it is reacting in the wake of his announcement that he will not run for re-election.

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World stock markets fall, trade fears and rate hikes worries weigh

September 7, 2018
Daily Mail

Brian Battle of Performance Trust commented in The Daily Mail on the recent market volatility due to anxiety over Fed rate hikes and uncertainty over trade policy and tensions with China.

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Mayor's exit from race puts Chicago's fiscal future in flux

September 4, 2018
The Bond Buyer

Performance Trust’s Brian Battle commented in The Bond Buyer on Chicago Mayor Rahm Emanuel’s recent announcement that he will not seek re-election. He expanded on the effect Emanuel’s departure will have on the municipal market.

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Illinois deal trims state's spread penalties

August 22, 2018
The Bond Buyer

Performance Trust’s Brian Battle was quoted in The Bond Buyer, commenting on Illinois’s recent primary market outing, the lower spread penalties, and what the on-time fiscal 2019 budget has to do with it.

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Illinois deals to shed floating-rate and swap risks

August 14, 2018
The Bond Buyer

Performance Trust’s Brian Battle commented for The Bond Buyer on Illinois’s latest decision to remove floating-rate and swap risks from its debt portfolio. He explains the benefit of removing interest rate risk and how this may affect voter perceptions for the upcoming elections in November.

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Chicago schools' $1 billion capital plan is short on particulars

July 10, 2018
The Bond Buyer

Performance Trust’s Brian Battle commented for The Bond Buyer on the Chicago public school district’s revised capital plan and why increased transparency around the details would ultimately benefit the district.

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Wall Street advances with help from technology, financials

July 2, 2018
Money Control

Performance Trust’s Brian Battle commented for Money Control on the recent stock rises due to technology sectors, reminding investors that the inconsistent White House messaging around the trade policy means an uncertain market.

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Chicago's choice for airport line is Boring and unconventional

June 15, 2018
The Bond Buyer

Performance Trust’s Brian Battle commented for the Bond Buyer on Chicago’s selection of Elon Musk’s The Boring Company for building a high-speed transit service between downtown and O’Hare International Airport—and what it means for the municipal market.

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Chicago Public Schools offer yield for investors willing to digest junk paper

May 15, 2018
The Bond Buyer

As Chicago Public Schools returns to the market next week, investors have some concerns regarding the district’s junk-status ratings and the possibility that its fiscal status threatens its long-term prospects. Performance Trust’s Brian Battle weighs in on CPS’s new fixed-rate, tax-exempt general obligation deal and how market conditions may affect its pricing.

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Wall Street erases losses after Trump quits Iran deal

May 8, 2018
Reuters

Now that President Trump has announced that he is pulling the U.S. out of the Iran nuclear deal, the markets are reacting to the news. Energy stocks in particular have rallied. Performance Trust’s Brian Battle comments on Trump’s actions and the possibility of an updated deal for the future.

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Illinois pays more to borrow as investors worry about state's prospects

April 25, 2018
The Bond Buyer

Illinois faced higher borrowing costs Wednesday compared to its previous bond sale. Although facing rising rates and fiscal woes, the state saw competitive bids on the initial release of $500 million in general obligation bonds. Brian Battle of Performance Trust commented on the pricing and the market’s interest as we see a selloff in treasuries.

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Stocks and oil up, but US dollar slips amid ongoing geopolitical risk

April 8, 2018
Reuters

Stocks climbed in global markets on Monday while Wall Street faced a drop before close. This comes while the U.S. and China share political rhetoric of a trade war. Brian Battle of Performance Trust commented on the upcoming speech from China President Xi Jinping.

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Court ruling tied to Illinois workers' pay adds to state's fiscal pain

April 2, 2018
The Bond Buyer

A court mandate on payroll expenses for state unions workers will add to the fiscal strains that Illinois is already facing. Moody’s was reluctant to downgrade Illinois into the speculative grading after the Illinois Supreme Court declined to hear Governor Bruce Rauner’s appeal of an appellate court decision. Brian Battle commented on the decision, the fiscal shock to the state, and the rating companies’ reluctance to downgrade Illinois further at this time.

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Wall Street Tumbles on Tech Sector, Trade War Worries

April 2, 2018
New York Times

Wall Street plunged on Monday as trade war concerns sparked a selloff in a number of industries. Brian Battle of Performance Trust added more clarity to the selloff, detailing how the tech selloff encompassed more than the tech sector.

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The Finance 202: Trump tariffs threaten to unleash economic chaos

March 2, 2018
The Washington Post

The President’s comments of a trade war and steel tariffs sent shockwaves through the markets. Brian Battle of Performance Trust commented on the reactions across markets and his outlook on global trade and global markets.

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Instant View: U.S. stocks stumble again, as bonds yields rise

February 8, 2018
Reuters

The U.S. benchmark 10-year treasury closed just under the highest level seen in four years, causing the Dow, S&P and Nasdaq to drop. Brian Battle of Performance Trust commented on the volatility and what it means for certain securities.

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Instant View: Fed leaves rates unchanged, sees inflation firming

January 31, 2018
Reuters

The U.S. Federal Reserve announced today the plan to keep interest rates unchanged while also anticipating a rise in inflation. Brian Battle of Performance Trust commented on the news and the hawkish tone that the Fed displayed in the meeting minutes.

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Rising Bond Yields Punish High-Dividend Stocks

January 30, 2018
Wall Street Journal

The market is now seeing rising bond yields compete with some of the biggest stock dividends, shifting the tone for investors. Andrew Pace of Performance Trust commented on the rise in yields and the opportunities investors see in fixed-income.

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New tax law colors marketing and demand for Chicago sales tax securitization

January 25, 2018
The Bond Buyer

Chicago’s new bond deal went through more hurdles than expected during the corporation’s second issuance. Brian Battle of Performance Trust commented on the market’s reaction to the new issuance and the initial hesitation towards the new structure.

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Two-Year Treasury Yield Crosses 2% Threshold

January 12, 2018
Wall Street Journal

The yield for the 2-year Treasury note hit a milestone as it crossed above the 2% mark for the first time since 2008. Andrew Pace of Performance Trust commented on the benchmark yield and the lure it has for investors in this lower rate environment.

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Chicago's securitization bonds face another test of their market appeal

January 12, 2018
The Bond Buyer

Chicago’s Sales Tax Securitization Corp. bonds return to the market on Wednesday and are looking for a welcome reception after its December debut. Brian Battle of Performance Trust comments on the bonds and the expectations that the market has on the group.

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Wall St. rises with oil prices, earnings optimism

January 11, 2018
Reuters

Wall Street hit record highs on Thursday as Oil bolstered the energy sectors and investors prepared for strong earnings reports. Brian Battle of Performance Trust commented on the outlook as Fed President William Dudley warned of the growth that may occur due to tax cuts.

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Wall Street closes at records with tax overhaul in sight

December 15, 2017
Reuters

Wall Street’s major indexes hit record highs on Friday as the tax bill made its way through Congress and looked like it would pass. Brian Battle of Performance Trust Capital Partners commented on the progress of the bill and the outlook on the final product. He also touched on the reactions we may see from the markets as they’ve prepared for a new policy.

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Chicago faces skeptics as it advances securitization plans

October 10, 2017
The Bond Buyer

Chicago is nearing approval from the City Council on its new securitization bonds. As they await potential approval on Mayor Emanuel’s ordinance to establish a special entity corporation, Performance Trust’s Brian Battle comments on the opportunity these bonds would represent for investors.

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