The March/April period is typically a softer period for the muni market, said Jeff Timlin, managing partner and head of municipal bond investing at Sage Advisory.
The Internal Revenue Service is proposing rule changes regarding the complex relationship between tax-exempt bonds, arbitrage and State and Local Government Series Securities.
The Texas city's bond issue will mostly refinance short-term commercial paper into long-term debt and refund some callable Series 2015 bonds.
The rating agency cited weak demand for the facilities.
Chicago postponed the sale of about $292 million of tax-exempt bonds from an $800 million general obligation bond deal.
FEMA must speed its very slow disbursement of aid, many observers say.
