CHICAGO — In a transaction that will mark the state’s first-ever use of negotiation to sell its general obligation bonds, Minnesota is putting the finishing touches on a $480 million new-money issue with an eye towards testing retail appetite for its top-rated paper.

The state intends to hold a one- to two-day retail order period through its underwriting team in mid- to late October and then would take competitive bids on whatever bonds remain outstanding, said state debt manager Kathy Kardell.

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