Barclays Drops Prison Bond Deal at Last Minute After Furor
- Bond proceeds intended to build two prisons in Alabama
- Decision to pull out of deal is highly unusual in muni market
Barclays Plc headquarters in London.
Photographer: Hollie Adams/BloombergThis article is for subscribers only.
Barclays Plc pulled out of its role as the lead underwriter of a municipal-bond sale that was set to build prisons for CoreCivic Inc. after criticism that the bank was backtracking on a pledge to no longer provide financing to for-profit jail companies.
KeyBanc Capital Markets, another manager, also said it was resigning from the transaction.