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Illinois Reaps Benefit of Market Timing

June 16, 2016
Bond Buyer

Illinois paid a steeper penalty to borrow Thursday after a fresh round of downgrades but a municipal market offering historically low yields helped disguise the spreads. "People showed up to buy," and the bonds sold at relatively expected levels, said Brian Battle, director of trading at Performance Trust Capital Partners. "That is a good sign in the confidence investors have in Illinois' ability to pay."

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Chicago MWRD Pays Limited Penalty

June 8, 2016
Bond Buyer

CHICAGO – The Metropolitan Water Reclamation District of Greater Chicago sold $427 million high grade paper at what a local bond trader calls a "fair" market penalty given the tarnished names of Chicago and Illinois. The district paid a penalty but it was not too steep given that most Illinois credits, even top ones, pay one for their location in a fiscally troubled state without a budget. The water district is further dinged for the Chicago name, said Brian Battle, director of trading at Performance Trust Capital Partners.

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Bond bubble bursting? Don't hold your breath

June 6, 2016
CNN Money

Bond yields have continued to remain low even though the Federal Reserve has already raised interest rates once (back in December) and has strongly suggested that more rate hikes could be coming before the end of the year. Brian Battle, director of trading with Performance Trust Capital Partners in Chicago, said the upcoming vote by the United Kingdom about whether or not to stay in the European Union -- aka the Brexit vote -- may also keep the Fed on the sidelines.

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