CHICAGO - Despite reservations about a still-weak market and uncertainty surrounding the federal highway trust fund, Ohio this week sold $375 million of grant anticipation revenue vehicle bonds, its largest Garvee deal ever.

State officials late last week had considered scaling back the bond issue to around $160 million. But after gauging strong interest in the debt, the state decided to sell the entire $375 million, according to state Treasurer Richard Cordray. He said retail investors purchased $240 million, or 64%, of the transaction, which in turn sparked interest from institutional investors.

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