Rhode Island's tobacco bond refinancing has been put on hold by by Citigroup after Oppenheimer challenged the deal in court.

Citigroup, the lead manager for the $593 million negotiated deal, intended to issue the debt on Tuesday morning but placed the revenue refunding deal on "day to day" status on Monday afternoon, according a New York based tobacco analyst and a Kansas City based analyst. Citigroup declined to comment on the situation. Typically, an underwriter may put a deal on day to day in a volatile yield environment.

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