Illinois $52 Billion Budget Adds Swaps, Internal Fund Transfers

Shields, Yvette
June 2003
Bond Buyer;6/4/2003, Vol. 344 Issue 31649, p3
Trade Publication
This article reports that Illinois budget officials soon will have the ability to issue variable-rate debt and use swaps in bond deals, and the power to transfer money from internal funds, lesser-known provisions of the 52.4 billion dollar fiscal 2004 budget approved by lawmakers as of May 30, 2003. On the revenue side, the budget relies on proceeds from the sale of the tenth riverboat casino license and the leaseback of the state-owned James R. Thompson Center in Chicago and the Illinois State Toll Highway Authority headquarters. It includes borrowing for capital projects of just under two billion dollars in GOs and bonds backed by sales taxes.


Related Articles

  • Russia: CDS To Weaken.  // Emerging Markets Monitor;1/21/2008, Vol. 13 Issue 39, p17 

    The article reports on the performance of the Russian credit default swap (CDS) market as of January 2008. Five-year CDS trade at 109 bps, 24.6 percent larger than in January 2007. The CDS spread for higher yielding quasi-sovereign and corporate credits has also widened. Spread differential is...

  • Stock-for-Debt Swaps and Shareholder Returns. Finnerty, John D. // Financial Management (1972);Autumn85, Vol. 14 Issue 3, p5 

    This article focuses on the effects of stock-for-debt swaps on shareholder wealth. In a stock-for-debt swap, a company exchanges equity securities and perhaps also some cash for a portion of its outstanding discounted debt that a securities firm acquired in the open market. In those...

  • Greece cuts a deal. Apple chugs along.  // In Search of the Perfect Investment;3/9/2012, p1 

    The article offers information on the economic conditions of Greece and its ways to deal with economic slowdown. It states that over 80 percent of Greece's private-sector creditors agreed to turn in their bonds for new ones with less than half the face value, touching off a massive debt swap. It...

  • UT Sets $680M Sale. Williamson, Richard // Bond Buyer;2/19/2008, Vol. 363 Issue 32818, p1 

    The article reports on the plan of the University of Texas System to issue $680 million of variable-rate revenue bonds swapped to a synthetic fixed-rate in March 2008. It believes that the deal would have a strong appeal due to the triple-A ratings and the ability to provide its own liquidity....

  • Nightfreight upbeat for 2009, despite profit dip.  // Motor Transport;11/27/2008, p3 

    The article reports that the tax profit of the company Neightfreight fell to £785,978 from £4.3 million for 2008 to November 30, 2007. Although the results have not yet been released by Companies House, Nightfreight chairman Robbie Burns said that the results reflect the difficulties the...

  • Bet the house on Mouse. Lisanti, Joseph // Variety;10/24/2011, Vol. 424 Issue 11, p2 

    The article discusses the finances of the mass media industry company Walt Disney Co., focusing on the lower interest rates on so-called credit default swaps securities related to the firm's corporate debt than is charged for such swaps on U.S. government securities.

  • Ford gets $10 billion of long-term debut off its balance sheet. Wilson, Amy // Automotive News;4/13/2009, Vol. 83 Issue 6355, p24 

    The article reports that Ford Motor Co. has reduced its long-term debt by $9.9 billion in a three-pronged effort swapping company stock and cash. The $9.9 billion result is slightly less than the $10.4 billion maximum originally put on Ford's debt restructuring effort. Ford used a combined $2.44...

  • Telewest close to final deal on restructuring.  // Utility Week;9/19/2003, Vol. 20 Issue 12, p8 

    Reports on the agreement of cable company Telewest for the final terms of its debt-for-equity swap with bondholders. Amount of the debt; Terms of the agreement; Expected completion of the debt restructuring.

  • Financing report.  // Treasury & Risk Management;Sep98, Vol. 8 Issue 7, p71 

    Presents charts and graphs showing financial reports in the stock, commercial paper, asset swaps and corporate debt markets in the United States as of August 14, 1998. Largest initial public offerings (IPO); Lead manager dollar volume rankings; IPO summary.


Read the Article


Sign out of this library

Other Topics