CHICAGO — After a two-day retail order period, Wisconsin offered up its $1.5 billion appropriation-backed issue to institutional investors yesterday, drawing such strong interest from buyers buoyed by the Federal Reserve’s plans to buy $300 billion of long-term Treasuries that most maturities were oversubscribed.

Market participants said the positive tone that met the deal was driven by the Federal Open Market Committee’s move to purchase $1 trillion of Treasuries and mortgage-backed securities. But the fact that the deal was only single-exempt from federal income taxes may have alienated some in-state retail investors and Wisconsin mutual funds, while the 6%-plus yields enticed others.

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