A morass of problems, ranging from worse-than-expected budget deficits to a misunderstanding over a bond call, forced underwriters and issuers yesterday to postpone the sale of $3.3 billion in new issues, including $1.2 billion New Yo k City bonds.

Confusion created by the postponements caused considerable uncertainty in both the primary and secondary sectors. In addition, a faltering stock market, a sour long Treasury bond, and heavy municipal supply combined to force secondary prices down 1/2 point. Off-the-run names were down as much as 1 point in choppy trading.

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