Still reeling from Detroit’s bankruptcy, Fifth Third Securities postponed a $60.6 million Saginaw County, Mich., general obligation limited tax pension obligation bond deal Thursday afternoon.

“This deal has been officially postponed,” the underwriter sent out in a message. “The levels that it would have taken to do the deal did not meet the issuer’s parameters. We will look to bring this deal back at a later date.”

Saginaw County controller Robert Belleman told The Bond Buyer in April that it would likely pull the deal if the county had to pay more than 4.25%. That is the ceiling at which the projected savings will not be achieved, he said at the time. The finance team in February, months ahead of the market’s record rise in rates and Detroit’s bankruptcy, was predicting a 3.6% interest rate.

Fifth Third Securities released indications of interest Thursday morning, with spreads coming in on par with price talks on Tuesday. Spreads to Treasuries ranged from 45 basis points in 2014 to 200 basis points in 2033. The bonds are callable at par in 2023. The bonds are rated Aa3 by Moody’s Investors Service.

Thursday, traders said prices were not cheap enough.

In other primary market news, JPMorgan won the bid for $128.1 million of New York’s Nassau County general obligation bonds, rated A2 by Moody’s Investors Service, A-plus by Standard & Poor’s, and A by Fitch Ratings.

Yields ranged from 0.81% with a 4% coupon in 2015 to 5.08% with a 5% coupon in 2043. The bonds are callable at par in 2023.

In the secondary market, a New York trader said activity was busier in the morning. By the afternoon, traders were waiting for Wednesday’s Puerto Rico Electric Power Authority deal to free up in the secondary.

Wednesday, yields on the Municipal Market Data scale ended as much as one basis point higher. The 10-year and 30-year yields were flat at 2.73% and 4.28%, respectively. The two-year finished flat at 0.43% for the 16th consecutive session.

Yields on the Municipal Market Advisors scale were flat to one basis point lower. The 10-year and 30-year yields were steady at 2.90% and 4.34%, respectively. The two-year yield fell one basis point to 0.54%.

Treasuries were steady to one basis point firmer Thursday afternoon after posting gains Wednesday. The benchmark 10-year and 30-year yields slid one basis point each to 2.59% and 3.67%, respectively. The two-year was steady at 0.31%.

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