Thursday's pricings of an Illinois general obligation sale and a Chicago airport revenue bond deal highlighted the market's divergent sentiments about the deals' security features. Illinois saw spreads on the 10-year of its competitively issued $480 million new-money deal land at a 200 basis point spread to the Municipal Market Data's benchmark. That's up from 193 basis points on its October GO pricing and 185 basis points in June. Overall spreads fared slightly better on the short end compared to the negotiated October pricing but were on par on the longer end."This is how the market feels about these individual credits and I think it's about the trajectory of each name," said Brian Battle, director of trading at Performance Trust Capital Partners.
NEWS & COMMENTARY
O'Hare and Illinois Spreads Diverge
November 04, 2016
