This doesn’t sound good.
Illinois, which is probably the most stressed-out state financially, is postponing a bond sale that was scheduled for Thursday to next week.
The state claims it’s not being forced, according to the FT, but rather that it wants time to give investors a chance to hear a budget speech by governor Pat Quinn.
As we noted last week, the state is now looking to foreign Sovereign Wealth Funds to buy it’s debt, which is reflective of the fact that the muni market is switching from a “safe” investment dominated by tax-oriented investors to those looking for more risk and higher yield.
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