Featured Municipal Bond in the Market, Week of 05/09/2016
This week’s featured bond comes from the City of Chicago, which scheduled to issue $700 million in revenue bonds, secured by pledged net revenues of the Chicago Water Fund, the week of May 9, 2016. The plans for the proceeds are primarily for capital improvements to the city’s water system. The water system service area covers approximately 806 square miles, incorporating the entirety of the city as well as 125 individual suburbs. The system serves a combined 5.3 million people, divided in a roughly equal amount from the city and its sububrbs. The bonds are second lien bonds. Specific and complete security information is available in Chicago’s preliminary official statement, which can currently be found on MuniOS.
Provided at left is a quick snapshot of financial characteristics of the Chicago Water Fund, compared with other water/sewer utilities, courtesy of Merritt Research Services, LLC. (Merritt believes the data to be reliable but does not make any representations as to its accuracy or completeness). In addition to the Merritt information related to the featured bond, more information can be found on our municipal bond calendar, city, state, and county pages, and our employment database. These facts and numbers are for informational purposes, and should not be considered an official disclosure for potential investors. Investors should consult the official statement.