Biggest ETF at Steepest Discount Signals July Rally

Biggest ETF at Steepest Discount Signals July Rally

Tim Boyle/Bloomberg

Illinois, the lowest-rated state, will get a chance to test investor demand June 26 when it offers $1.3 billion in general-obligation bonds, its biggest sale since May 2012, after lawmakers were unable to agree on a plan to reduce an unfunded pension obligation of almost $100 billion.