The biggest competitive municipal bond sale on this week's calendar - the $1 billion general obligation sale from Pennsylvania, which was scheduled to go up for bidding at 11 a.m., EST, tomorrow -- has been re-scheduled because of the snow storm in the Northeastern U.S.

The sale will pushed back to Feb. 3, according to Steve Heuer, Director of Bureau of Revenue, Capital and Debt for the Governor's Budget Office.

Although the state's budget office is located in Harrisburg, PA, which isn't in the path of the heaviest snow, the decision is based on the expectation that most of the Northeast, including New York City, is going to be pummeled. More information will be provided when PFM releases an official statement later today.

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