Illinois lowers yields on $1.8 billion general-obligation bonds

Illinois lowered yields on its $1.8 billion general-obligation deal by five basis points, with debt maturing in 10 years set to price 180 basis points above benchmark AAA municipals, according to a person familiar with the sale.

The tax-exempt sale may also include bond insurance on debt due in 2020 and 2022. Jefferies & Co., the underwriter, yesterday planned to price 10-year bonds at 185 basis points above top-rated municipals. The yield difference today is 180 basis points. A basis point is 0.01 percentage point.