The Orange County Sanitation District in Southern California has postponed the sale of $160m in Build America bonds. “The bond market has been pretty volatile and flooded with new issues,” said Mike White, the controller.
Translation: They can't get the deal done at a reasonable price, if at all.
Expect further problems, on Tuesday, the yields on triple A 10-year muni-bonds rose 18 bps to 2.93 per cent, the largest one-day rise since October of 2008, according the MMD index.
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