Technical problems resulted in the failure of a $706 million competitive bond sale for Pennsylvania yesterday.

Against a backdrop of firmness in the municipal market, the state was slated to sell $706 million of new-money and refunding general obligation bonds via Grant Street Group’s MuniAuction electronic bidding system yesterday afternoon. However, due to technical problems, all bids were rejected, and the commonwealth must now go back to the drawing board and try to sell the bonds again before market conditions change.

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