HIGH YIELDS FORCE MUNI BORROWERS TO DELAY REFINANCINGS
Roughly $6 billion of municipal bond refinancing deals are on hold or delayed as elevated yields erase potential savings for borrowers.
Benchmark 30-year muni yields recently hit 5.26%, the highest since at least 2011.
New Jersey postponed a planned $1.7 billion refunding, while Philadelphia delayed a $450 million deal. New York’s MTA is also considering a $1 billion refinancing, subject to market conditions.
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