由于收益率接近历史新高，一些寻求对未偿债券进行再融资的市政债券借款人正在推迟交易。
Several muni borrowers looking to refinance outstanding bonds are delaying deals due to yields near record highs.
例如，根据新泽西州财政部网站上的帖子，新泽西州交通信托基金管理局计划于10月1日出售17亿美元的再融资债券，但该交易并未定价。
For instance, New Jersey’s Transportation Trust Fund Authority was planning to sell $1.7 billion of refunding bonds on Oct. 1, according to a posting on the state’s Department of Treasury website, but the deal did not price.
在上周的抛售之后，试图出售新债务以获得较低利率和降低债务服务成本的发行人现在面临着棘手的局面。基准30年期市政债券收益率飙升至约5.26%，为至少2011年以来的最高水平，但截至周一回落至约5.12%。
Issuers attempting to sell new debt to grab lower interest rates and reduce debt-service costs are now facing a tricky situation after last week’s selloff. Yields on benchmark 30-year muni debt soared to about 5.26%, the highest since at least 2011, before falling back to roughly 5.12% as of Monday.
FHN Financial公共财务主管Ajay Thomas表示，由于发行人等待收益率下降，约60亿美元的再融资交易被搁置或推迟。
About $6 billion of refunding deals are on hold or delayed as issuers wait for lower yields, said Ajay Thomas, head of public finance for FHN Financial.
托马斯说：“根据过去10天到两周利率的走势，你可能会看到很多具有经济意义的退款交易从资金中消失。”“一些发行人会说我们可以等待，或者我们将不得不等待。”根据债券文件，截至6月30日，新泽西州运输信托基金有178亿美元的未偿债务。该基金帮助资助全州道路、桥梁和公共交通（包括新泽西州交通）的资本改进。
“By the nature of where rates have gone in the past 10 days to two weeks, you are probably going to see a lot of refunding deals that made economic sense fall out of the money,” Thomas said. “Some issuers will say we can afford to wait or we are going to have to wait.”New Jersey’s Transportation Trust Fund had $17.8 billion of outstanding debt, as of June 30, according to bond documents. The fund helps finance capital improvements throughout the state for roads, bridges and mass-transit, including New Jersey Transit.
负责监督该州债务销售的新泽西州财政部发言人没有立即回复电子邮件和电话信息。这笔16.9亿美元交易的高级经理巴克莱银行拒绝发表评论。
A spokesperson for New Jersey’s Treasury Department, which oversees the state’s debt sales, didn’t immediately respond to an email and phone message. Barclays PLC, the senior manager on the $1.69 billion deal, declined to comment.
此外，该交易的首席经理、PNC银行公共财务主管萨曼莎·芬克（Samantha Funk）表示，费城学区一项4.5亿美元的退款交易原定于本周定价，现已列为日常交易。
In addition, a $450 million refunding deal for Philadelphia’s school district that was on the schedule to price this week is now listed as day-to-day, according to Samantha Funk, head of public finance at PNC Bank, the lead manager of the deal.
收益率上升可能会导致未来几周更多交易延迟。MTA文件显示，运营纽约市地铁、公交车和通勤铁路等交通网络的大都会交通管理局正在寻求本月偿还10亿美元的先前债务，尽管该交易取决于市场状况。
Elevated yields could lead to more delayed deals in the coming weeks. The Metropolitan Transportation Authority, which runs New York City’s transit network of subways, buses and commuter rails, is looking to refund $1 billion of prior debt this month, although the deal is subject to market conditions, according to MTA documents.
MTA金融服务副局长奥尔加·切纳特（Olga Chernat）在该机构的财务委员会会议上表示：“在这种高利率环境下，最令人担忧、最具影响力的是我们未来发行债务的资金，我们将在11月的财务计划中考虑高利率。”28.
“Most concerning in this high-interest-rate environment and most impactful is for our future funding for future issuance of debt, and we will be factoring in high interest rates in our November financial plan,” Olga Chernat, the MTA’s deputy chief of financial services, said during the agency’s finance committee meeting on Sept. 28.