New York State and New York City’s borrowing authorities plan to sell up to $4.39 billion of debt in the second quarter, of which $751.7 million will be refunding, according to a schedule released yesterday by the state comptroller’s office.

The level of volume will make this the slowest second quarter in at least two years. Last year’s collapse of the auction-rate securities market pushed volume up to $10.49 billion as refunding accounted for more than half of the second quarter’s issuance. Two years ago, second-quarter volume was scheduled for $827.4 million of refundings and $5.3 billion of new money.

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