The tax-exempt market suffered Wednesday afternoon as underwriters said deals were coming at concessions with balances left over.

While several deals have been postponed due to poor market conditions, the deals that did price were seeing mixed reception. "There are deals in Texas that have gotten done this week but at adjusted levels and probably wider spreads to the Municipal Market Data scale than you would normally think," said Pete Stare, an underwriter at FirstSouthwest. "There are probably a larger portion of balances on deals coming to market."

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