United Airlines announced that it has postponed the pricing of two speculative‑grade municipal bond issuances that were scheduled to close in the week of November 18‑21, 2025. The pair of Houston‑based deals, totaling roughly $400 million, were pulled from the market and will now be re‑issued in 2026 as the airline waits for a more favorable high‑yield environment.
The decision reflects a sharp deterioration in the high‑yield municipal market. In the weeks leading up to the announcement, fund outflows and a tightening of credit spreads pushed investors to the sidelines, making it difficult for issuers to secure competitive pricing. United’s senior finance team judged that the current volatility would likely result in higher borrowing costs and lower demand, so delaying the issuance protects the company’s balance sheet.
By shelving the bonds, United preserves liquidity and avoids the risk of diluting its capital structure. The airline’s long‑term debt has been steadily declining, reaching $20.8 billion in Q3 2025, and the company has already prepaid $1.5 billion of MileagePlus bonds and a $1.8 billion term loan. The postponement therefore aligns with its broader debt‑management strategy.
United’s recent financial results provide context for the decision. In Q3 2025, the airline posted adjusted diluted earnings per share of $2.78, beating the consensus of $2.65 by $0.13 and driven by disciplined cost control and a 2.6% rise in operating revenue to $15.2 billion. Operating margin slipped to 9.2% from 10.5% year‑over‑year, largely due to higher fuel and labor costs, but the company still guided for Q4 earnings of $3.00–$3.50 per share, up from the prior guidance of $2.80–$3.20.
CEO Scott Kirby said the company remains focused on strengthening its financial position while investing in customer experience. “We are committed to maintaining a strong balance sheet and ensuring we can fund growth initiatives when market conditions are favorable,” he said.
The move signals United’s cautious stance amid a volatile credit market, but the airline’s solid earnings performance and proactive debt management suggest it is well positioned to resume the bond issuance when conditions improve. Investors will watch for the company’s next update on the timing of the re‑pricing and any alternative financing plans.
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