DALLAS — The average offering of Build America Bonds fell in the first half of 2010 as smaller issuers became more familiar with the hybrid product that mimics corporate bonds and targets the municipal market.

An increasing number of smaller issuers, such as school districts and local authorities, took advantage of the federally subsidized bonds in the $1 million to $5 million range even as major issuers continued to offer large deals. California’s $2.5 billion general obligation bond issue in March topped those major issues.

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