The New York State Thruway Authority plans to refund $521.7 million of auction-rate securities this week with a retail order period beginning tomorrow and institutional pricing Thursday. The refunding will further reduce the state's outstanding ARS to $600 million.

The state had $4 billion of ARS outstanding in February 2008 when the auction-rate market seized up. The authority first sold $530.8 million of the ARS in 2003 as local highway and bridge service contract bonds, which are backed by state appropriation.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.