New York City's $2.2 billion note sale last Wednesday included $500 million of floating-rate revenue anticipation notes backed by interest rate swaps.

Merrill Lynch & Co. won $100 million of the notes, due in June 1995, with a fixed-rate bid of 3.8913%, and won another $150 million with a bid of 3.9156%. The fixed-rate bids reflect the effective interest cost to the city of selling floating-rate notes and entering swaps with Merrill to lock in a synthetic fixed rate.

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