CHICAGO - Michigan entered the market yesterday with its long-planned $280 million issue of Federal Highway Administration grant anticipation revenue vehicles, becoming what market participants said is the first Garvee issue to tap the taxable Build America Bonds program.

The deal has long been in works - anticipated since the Michigan Department of Transportation completed its 2007 Garvee sale - but was reshaped due to the market turmoil of the last year as officials sought to improve the deal's appeal by curbing some risks associated with the credit.

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