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* John Miller’s bio…
John serves in a strategic role as the co-head of fixed income for Nuveen Asset Management, responsible for the investment process and performance of the firm’s municipal fixed income group. He is also the lead manager of the High Yield Municipal Bond Strategy, the California High Yield Municipal Bond Strategy, and related institutional portfolios. In addition, he co-manages the All-American Municipal Bond Strategy and the Strategic Municipal Opportunities Strategy and oversees a number of closed-end funds.
* John Miller’s prediction via the Bond Buyer’s Illinois reporter…
looking likely that illinois will be junk in coming week, john miller says.
— yvette shields (@Yvette_BB) June 8, 2017
Miller (no relation) was speaking during an investors panel at a Bond Buyer conference.
*** UPDATE *** Well, that’s a little comforting…
correcting self…..miller said "weeks" as in july 1, not "week."
— yvette shields (@Yvette_BB) June 8, 2017
Headline slightly altered to reflect the new info.
posted by Rich Miller
Thursday, Jun 8, 17 @ 4:13 pm
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Bond folks: why wouldn’t they wait until the end of the fiscal year? I’m not hopeful for a budget either, just wonder why now instead of immediately after session or the end of the month.
Comment by whetstone Thursday, Jun 8, 17 @ 4:16 pm
whetstone, I am guessing part of the reasoning is the judge’s timeframe on a decision for the Medicaid payments, being two weeks out. Once that happens, assuming the state has to make payments, the state no longer has enough money to pay all of the court ordered and non-appropriation expenses. So basically, at that point, the Comprtroller can’t pay everything that the office is being ordered to pay. This would be at least part of the rationale of it happening by July 1st (see corrected tweet, that it is in the coming weeks, not week).
Comment by Smalls Thursday, Jun 8, 17 @ 4:43 pm
Miller is a smart guy from a very savvy firm. Batten down the hatches. His choice of words is likely based on the till being empty before the next bond payment date.
Comment by Arthur Andersen Thursday, Jun 8, 17 @ 5:07 pm
Good news, the giant meteor isn’t going to strike for a couple weeks!
Comment by AC Thursday, Jun 8, 17 @ 5:10 pm
Here junk bond, come here boy, whistle whistle, here junk bond, come here boy, whistle.
Comment by Huh? Thursday, Jun 8, 17 @ 5:29 pm
As we saw in Judge Lefkow’s court yesterday, we’re at the point where the comptroller cannot comply with all the spending required to comply with court orders and statutes.
This is deep stink.
Perhaps the governor could call up those hundreds of manufacturers he’s lined up, like in Austin (?!), and ask them to take a leap of faith.
You thought we had trouble before, stuff’s gettin real now.
This is all self-inflicted, by our dilletante Gov. Pandora.
Comment by wordslinger Thursday, Jun 8, 17 @ 9:36 pm
This has been his plan “we may have to shut down the government for a while” placing Illinois in insolvency
Comment by Rabid Friday, Jun 9, 17 @ 7:08 am