New York City plans to call off the competitive sale of $200 million of debt, raising questions among some market participants about the city's commitment to selling debt competitively.

The sale, scheduled to take place this month, was designed to fill a $200 million gap in the city's capital spending needs for fiscal 1994, which ends June 30. The city chose a competitive sale because of the relatively small size of the proposed issue, and the absence of derivative products or other complicated financing techniques in the proposed financing.

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