City of Chicago, IL

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

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.

Strong legal and structural protections earned the debt top grades from Kroll and Fitch. S&P wasn't as bullish.

The allure of promised savings persuaded most Chicago City Council members.

Chicago hopes to get into the market by year's end with the first of up to $3 billion of refunding under new credit.