bond sale

Illinois bond sale
10:47 am
Thu July 19, 2012

Illinois gets 'rock bottom' rate on $1.5 billion in bonds

The state of Illinois didn’t have any trouble selling $1.5 billion in debt to repay a federal loan for its unemployment-insurance program, the Wall Street Journal reported.

Crain’s Chicago Business said interest rates for the three-series offering were “rock bottom,” thanks to the dedicated stream of unemployment insurance taxes backing them up -- separate from Illinois' general fund. Also, any extra money from the tax can be used only to pay off the debt, providing extra protection for investors.

People familiar with the deal said it received many more orders than there were bonds available.

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