June 20, 2013 / 4:32 PM / in 4 years

Philadelphia moves $400 mln GO bond sale

June 20 (Reuters) - 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 on Thursday.

“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 transaction schedule.

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 said.

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