Rhode Island last week sold $25 million of tax anticipation notes to retail investors, including sales at bank branches to individuals in denominations of $1,000. The retail portion was part of a $350 million deal that was mainly supported by institutional investors. The Tans yielded 2.2%.

Treasurer Frank Caprio announced the strategy of selling the notes through Bank of America NA branches a week earlier and called on residents to invest and help the state out of patriotism, prompting media references likening the Tans to “war bonds.”

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