New York State and New York City’s borrowing authorities plan to issue up to $7.89 billion of debt in the first quarter, of which $7.02 billion will be new money and $870.5 million will be refunding or conversion, according to a forward issuance calendar released by the state comptroller’s office last week.

The amount of refunding and conversion has dropped compared to recent quarters when issuers were getting out of auction-rate securities en masse following the collapse of that market last February. In the second quarter of 2008, for example, the forward issuance calendar identified $5.64 billion of refunding but only $4.85 billion of new money.

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