The municipal market was mostly unchanged yesterday in light secondary trading, as Maryland postponed over $600 million of its planned $803 million issuance for tomorrow, and few of the week’s larger new issues arrived in the primary.

Maryland announced that it has postponed its slated $603 million sale of tax-exempt refunding debt, scheduled to come to market tomorrow as part of its $803 million competitive transaction. This was to be the largest deal in the state’s history. However, due to market conditions, the refunding component has been eliminated, though the remaining $200 million of new money is still slated to be issued.

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