June 20 Philadelphia's $400 million general
obligation bond sale is being moved from the week of June 24 to
an undetermined date, James Lanham, deputy city treasurer, said
"Given recent volatility and heavy supply in the market, the
city intends to remain flexible on the timing of the sale,"
Lanham said, adding that he is working with the city's advisers
and underwriters to evaluate current market conditions and set a
Prices on the secondary municipal bond market plunged on
Thursday as the market digested the possibility that the Federal
Reserve could soon slow its bond purchases.
The city of Philadelphia is finalizing its "fiscal year 2014
budget, which once adopted will be included in the preliminary
offering document for the city's upcoming bond sale", Lanham