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CPS puts off $875 million bond sale

January 27, 2016
Chicago Sun-Times

The Chicago Public Schools on Wednesday abruptly put off $875 million in borrowing needed to ease its financial crunch amid signs it would pay a heavy price — in the form of record-high interest rates — to attract investors. Brian Battle, director of trading for Performance Trust Capital Partners, a Chicago firm that analyzes bonds for investors, said temporarily halting the deal is something that happens occasionally but should have been avoided. “It’s embarrassing to go to market and have to pull the deal,” he said. “Either there were no buyers or there were no buyers at a price that the city was going to take. Either way, it’s a bad sign for CPS.” How bad it is, Battle said, depends on whether the school district’s underwriters can find buyers quickly.

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Takeover, Bankruptcy Talk Hammers Chicago School Spreads

January 22, 2016
The Bond Buyer

CHICAGO – Bruce Rauner hasn't been able to broker a state budget, but the Illinois governor was able to move the market for Chicago school bonds – in a costly direction for the school district. "If you are interested in this deal you probably know they are insolvent but it doesn't help the prospects for the Chicago Board of Education to have the governor of the state saying your school district needs to be taken over and restructured right in front of your deal," said Brian Battle, director of trading at Performance Trust Capital Partners in Chicago. "It gives investors an excuse to demand more yield."

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Uncertain Panorama

January 15, 2016
Negocios

Expert from Performance Trust believes that legislators in the United States will not act until a non-payment occurs.That is the belief of Brian Battle, Director of Performance Trust, who yesterday held that the lack of a clear mechanism to resolve the debt crisis of the Island makes it very difficult to estimate how much bondholders will recover in the case that the Puerto Rican Government lacks money to pay them. Performance Trust offers advisory and asset management to institutional clients in Puerto Rico such as banks and insurers.

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Incierto el panorama

January 15, 2016
Negocios

Experto de Performance Trust cree que los legisladores estadounidenses no actuarán hasta que se produzca un impago.

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Chicago, CPS, Illinois All Testing Their Credit in Primary Market

January 11, 2016
The Bond Buyer

The lack of supply to meet demand – especially for yield – will benefit Chicago, Chicago Public Schools, and Illinois when all three fiscally distressed credits land in the bond market this month, market participants say. "It's a great time to be a distressed borrower," with supply falling short of investor demand, said Chicago-based Brian Battle, director of trading at Performance Trust Capital Partners.

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Analyzing the Impact of the Stock Market’s Volatility on Investments

January 7, 2016
WTTW

The stock market took a tumble Thursday as China’s stock market dropped 7 percent overnight and crude oil prices dropped to their lowest level in more than a decade. But what does that mean for investment portfolios?

“They are in a unique situation where they’re a Communist government, but trying to have a capitalist economy. So it’s a unique mix of central planning and free market,” Battle said. “Their stock market is only 25 years old, so they’re still learning their way around it. Up until cancelling it today, they had what they called a circuit breaker system, which is their regulatory control to curb volatility in the stock market. Circuit breakers are supposed to be a market stabilizer, but closing down the stock market is having the opposite effect. … It’s alarming investors around the world.”

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