Illinois general obligation bond
prices plummeted and yields soared in the U.S. municipal market
on Thursday, a day after a federal judge ordered the
cash-strapped state to find more money to pay Medicaid
providers.
Yields on bonds due in 2024 climbed to 5.15 percent,
according to Municipal Market Data, while Illinois’ so-called
credit spread over MMD’s benchmark triple-A scale jumped to as
much as 380 basis points.
(Reporting By Karen Pierog; Editing by Chizu Nomiyama)
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