The municipal market continued to weaken yesterday, with yields pushing higher by as much as 10 basis points in spots, causing issuers in Hawaii and Texas to pull scheduled new issues from the market.

Citing poor market conditions, Merrill Lynch & Co. yesterday postponed this week’s planned $655 million Hawaii general obligation sale. Additionally, RBC Capital Markets did the same with a two-pronged Houston Independent School District offering of over $385 million, which was to include $151 million of taxable BABs. The Houston deal is now day-to-day, but no further information on the Hawaii deal was released.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.