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Illinois paying up to borrow money

May 13, 2020 11:07 AM ETiShares National Muni Bond ETF (MUB), NVG, NEA, NAD, PML, IIM, NZF, VTEB, ETV, NUV, PMF, EVNETV, NUV, EVN, IIM, NAD, PMF, PML, NZF, NVG, NEA, MUB, VTEBBy: Stephen Alpher, SA News Editor61 Comments
  • 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

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