HIGH YIELDS FORCE MUNI BORROWERS TO DELAY REFINANCINGS

Roughly $6 billion of municipal bond refinancing deals are on hold or delayed as elevated yields erase potential savings for borrowers.

Benchmark 30-year muni yields recently hit 5.26%, the highest since at least 2011.

New Jersey postponed a planned $1.7 billion refunding, while Philadelphia delayed a $450 million deal. New York’s MTA is also considering a $1 billion refinancing, subject to market conditions.
(@WalterBloomberg)