Goldman Sachs Group Inc. delayed its sale of the American Dream.
The investment bank pushed off the planned pricing of $1.1 billion of unrated municipal bonds to finance the long-stalled shopping and entertainment center in New Jersey’s Meadowlands, about 10 miles (16 kilometers) west of Manhattan, according to three people familiar with the matter.
The deal for the project, named for the national belief that anyone can succeed, was supposed to price today. Speculative debt offerings sometimes take longer than initially planned because bankers need to drum up buyers and address the questions of would-be investors. Goldman Sachs spokesman Michael DuVally declined to comment. It may still come as soon as Thursday, according to Bloomberg data.
Unrated is code for "they're junk but they don't want to call them junk."