CHICAGO - Without an urgent need for the proceeds, Chicago decided, in the face of weak institutional demand, to put off until next year its $590 million new-money and restructuring general obligation sale slated for today.

"Chicago wanted to get out of the way of other deals in the market. There's a lot of supply and not a lot of stability," said one market participant working on the sale. "If you don't have to go out and price, it's better to wait until January."

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