Featured Municipal Bond Issue, Week of August 20th, 2018: State of Illinois General Obligation Bonds – $920 Million
The State of Illinois is issuing $920.2 million in general obligation bonds for the purposes of refunding certain outstanding bonds and to pay necessary termination payments in connection with outstanding to the providers of interest rate exchange agreements in connecting with such refunding and pay costs of issuance. The bonds are scheduled to be sold by negotiation to an underwriting syndicate led by J.P. Morgan during the week of August 20th. The bonds are being issued in two series: Series 2018A in the amount of $656.5 million general obligation bonds; Series 2018B are $263.7 million in general obligation bonds, both series are considered federally tax-exempt.
The bonds are general obligations secured by a pledge of the state’s faith and credit, issued under the provisions of the State pursuant to its constitution and the General Obligation Bond Act. Details on the purposes, tax-status, security, as well as other matters pertaining to these State of Illinois bonds can be found in the preliminary official statement, available on MuniOS.
As of June 2018, the State of Illinois has an unemployment rate of 4.5%, which is 0.4% higher than the U.S. rate in June, and the same as its unemployment rate as of June 2017.
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. None of the information provided should be construed as a recommendation by MuniNet Guide, MuniNet LLC, Merritt Research Services LLC, or any of their employees. Information and analysis is for informational purposes only.