Wisconsin may soon refine the underwriting team it chose last year to manage a $1.7 billion tobacco bond restructuring amid dramatic developments in the municipal industry and at investment banks stemming from the subprime mortgage market collapse and ensuing credit crunch.

Wisconsin last fall named a team with Bear, Stearns & Co. as its book-runner and Citi, Goldman, Sachs & Co., Loop Capital Markets LLC, and Siebert Brandford Shank & Co. as co-senior managers, with a second tier of co-seniors to include JPMorgan, Lehman Brothers, Merrill Lynch & Co., Morgan Stanley and UBS Securities LLC. Another 17 firms were named as co-managers.

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