Despite a troubling fiscal backdrop, New York City's $1 billion competitive note offering tomorrow is expected to benefit from a confluence of politics and market stability, as well as the structure and credit of the notes themselves.

A number of municipal market participants said they expect aggressive bidding on the offering of tax anticipation notes -- the city's first sale of debt since the beginning of fiscal 1992 on July 1. The Tans are considered the strongest credit of the city's two short-term borrowing vehicles because it is secured with revenues garnered from property tax collections.

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