Chicago Sales Tax Securitization Corp

The city is folding together separate syndicate and advisor teams on $1.2 billion of general obligation and Sales Tax Securitization Corp. refunding deals.

Rating criteria changes and a ruling in the Puerto Rico III case have undermined some investors' and analysts' confidence in revenue pledges.

Chicago officials say the city will complete its $3 billion securitization program with a $600 million deal as soon as January.

The backloaded maturity schedule of the debt brings comparisons to the city's supposedly abandoned "scoop-and-toss" practices.

A pre-marketing wire on the Sales Tax Securitization Corp.'s $366.2 million of tax-exempts indicates the Chicago deal may see wider spreads than in its bond sale last month.

Bridgeview, Illinois is the second Illinois home rule community to take advantage of new borrowing program.