State of Illinois to Issue $920 Million in General Obligation Bonds

Aug 20, 2018 | Municipal Bonds, Municipal Finance, Municipal Finance - General, States

Featured Municipal Bond Issue, Week of August 20th, 2018: State of Illinois General Obligation Bonds – $920 Million

Chicago, IllinoisThe 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.

 

Illinois

Provided at left (click to expand) is a quick snapshot of financial characteristics of the State of Illinois as of 06/30/2017, compared with the 2016-2017 medians for other U.S. States, courtesy of Merritt Research Services, LLC. Merritt has many of the sector medians publicly available and regularly updated on their Benchmark Central page. (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. 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.