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Municipal bond deals delayed as yields hit highest since 2011
A $1.8 billion Los Angeles Convention Center sale was moved to day-to-day pricing, and a separate roughly $777 million Nashville-area deal also paused after its Sept. 24 target.
More municipal bond offerings are being put on hold as state and local issuers wait for market conditions to improve, with yields surging to their highest level since at least 2011, according to LiveMint Markets citing people familiar with the matter.
The outlet reports that a $1.8 billion bond sale for the Los Angeles Convention Center has been delayed, and the deal has shifted to day-to-day status with no set pricing date after it was originally expected to price during the week.
LiveMint Markets also notes that a roughly $777 million bond sale by the Convention Center Authority of the Metropolitan Government of Nashville and Davidson County was moved to day-to-day status after it was originally supposed to price on Sept. 24.
In the reported cases, city or authority representatives were not immediately available for comment, and underwriters including Morgan Stanley and Goldman Sachs declined to comment, the outlet said.