Investors grabbed lofty yields on $1.2 billion of New York City bonds yesterday, while traders reported a queasy secondary market, thanks to supply and uncertainty about $415 million of Metropolitan Transit Authority bonds.

A 28-member syndicate, led by J.P. Morgan Securities, marketed the New Yok City issue, which was originally planned for sale Tuesday. The deal was held after New York State made a surprise announcement that its budget deficit nearly doubled to $3.6 billion.

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