The biggest deal of the week in the tax-exempt market was postponed Thursday morning after one trader called the session a "massacre."

Morgan Stanley was expected to price $763.7 million of California Health Facilities Financing Authority revenue bonds for St. Joseph Health System in a mix of new money and refunding. The deal was postponed due to market conditions until next week. The bonds are rated A1 by Moody's Investors Service and AA-minus by Standard & Poor's and Fitch Ratings.

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