April 21, 2015 / 4:35 PM / in 3 years

Yields hit 5.63 pct in Chicago schools bond sale

CHICAGO, April 21 (Reuters) - Yields topped out at 5.63 pct for bonds due in 2039 in a $295.7 million Chicago Board of Education general obligation debt sale on Tuesday, according to an initial pricing scale obtained by Reuters.

The yield was 285 basis points over Municipal Market Data’s benchmark triple-A scale. The financially struggling public school district is selling the debt through lead underwriter PNC Capital Markets after its ratings with Moody’s Investors Service and Fitch Ratings were lowered last month to one notch above the junk level. (Reporting By Karen Pierog)

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