Bond Market’s Dip Didn’t Hit $4.5 Billion Illinois Sale
- Deal has yields comparable to last week’s sale despite drop
- Proceeds will pay down bill backlog left from record impasse
The Illinois State Capitol Building, in Springfield.
Photographer: Raymond Boyd/Getty ImagesThis article is for subscribers only.
The bond-market drop didn’t diminish demand in Illinois’s biggest debt sale in more than a decade.
As the state marketed $4.5 billion of bonds Wednesday, securities due November 2028 sold at a preliminary yield of 3.77 percent, according to two people with knowledge of the pricing who requested anonymity because the yields aren’t final. That is repriced from the 3.74 percent offered earlier and is slightly lower than the 3.78 percent yield for the November 2029 portion of last week’s $1.5 billion deal, even though bond prices have slid since then.