- Looking to raise about $750M across several maturities today, Illinois is reportedly paying 5% to sell paper coming due in 2021 - that would be several hundred basis points above benchmark rates (U.S. two-year yields are at 0.16%, for instance).
- The 10-year paper is reportedly priced to yield 5.8%, more than 400 basis points above benchmark.
- Illinois is also selling 25-year bonds, apparently priced to yield 5.95%.
- Miller Tabak's Michael Pietronico: "The Prairie state just dished out some pain to its taxpayers ... Greece is likely having a nice chuckle."
- Related ETFs: MUB, NVG, NEA, NAD, PML, IIM, NZF, VTEB, EXD, NUV, PMF, EVN
Illinois paying up to borrow money
iShares National Muni Bond ETF (MUB), NVG, NEA, NAD, PML, IIM, NZF, VTEB, ETV, NUV, PMF, EVNStephen Alpher, 61 Comments