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The Bond Buyer

Sales tax securitization delay gives Chicago time to fiddle with structure

CHICAGO — Faced with rockier post-tax reform market conditions, Chicago put off the pricing of its sales tax securitization borrowing and will use the delay to consider tinkering with its structure.

The city and its finance team plans to continue discussions with market participants and will look at adding a taxable advance refunding component. Tax-exempt advance refundings were eliminated in the reform package signed by President Trump. The city could also shift coupons and calls to cater to current demand.

Tim Holler