The Sales Tax Securitization Corp.’s highly anticipated bond sale has been delayed until next week at the earliest, Chicago officials said on Wednesday.
“We did see the bond market strengthen a bit today, but as you know, it’s been off to a bit of a weak start in 2018,” said city Finance Department spokeswoman Molly Poppe. “We decided to postpone until as early as next week and during that time we will evaluate alternative structures.”
Goldman Sachs had been set to price the Sales Tax Securitization Corp.’s $898.07 million of Series 2018A sales tax securitization bonds on Wednesday. Other members of the group include Cabrera Capital Markets, Janney, Blaylock Van, Estrada Hinojosa and Siebert Cisneros Shank & Co.
The deal is rated AA by S&P Global Ratings, and AAA by Fitch Ratings and Kroll Bond Rating Agency.
Buyers have expressed interest in the deal, which boasts high ratings along with expectations for high yields.