Massachusetts will return to the market today with its first general obligation bond deal in a year, a $661.8 million offering that will not include insurance.

While part the transaction's structure is straightforward - 30-year, fixed-rate bonds - the commonwealth will sell the debt without any enhancement and rely solely on its double-A ratings. Last year, the Bay State sold $1.1 billion of GO debt on Aug. 8, with Financial Security Assurance Inc. and Ambac Assurance Corp. wrapping all of the debt except for $42.6 million of bonds maturing at the short-end of the curve, 2008 through 2010.

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