Public finance

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.

The $75 million deal is backed by financing for a variety of property types, including office buildings, manufacturing facilities and hospitals; it was privately placed with TIAA Investments.

Cisco DeVries, the chief executive of Renew Financial, said the bills will bring much-needed stability to Property Assessed Clean Energy, which uses a property assessment to finance upgrades.

It's the sponsor's first securitization to be rated by Morningstar; DBRS and Kroll Bond Rating Agency are still capping their ratings of Property Assessed Clean Energy bonds at double-A.

The director of the Hawaii Green Infrastructure Authority is trying to put its bond money to work.