A derivative structure previously used only in private secondary-market transactions made its debut in the primary market Monday as part of Detroit's $199 million issue.

Goldman, Sachs & Co. included $30 million of derivatives in the 2013 maturity, consisting of inverse floating-rate securities and corresponding variable-rate demand notes, or VRDNs.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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