Municipal Bond Issuers Halt Billions of Sales in Market Rout
- About $7 billion in planned sales were canceled or delayed
- The municipal market suffered its worst sell-off on record
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The worst municipal-bond market sell-off on record drove state and local governments to cancel or delay $7 billion of debt sales as yields soared and underwriters balked at bidding in auctions.
School districts in Nevada, Pennsylvania and Texas, as well as state agencies in Rhode Island, New York and Virginia, were among those that shelved offerings planned for this week, according to data compiled by Bloomberg.