The New Jersey Turnpike Authority's $1.6 billion refunding last week featured a $372 million interest rate swap, believed to be the largest of its kind in the industry's history.

The deal is the third in a string of unusuall large swaps handled by Smith Barney, Harris Upham & Co. and AIG Financial Products Corp., a team that in the past seven months has engineered almost $1 billion of interest rate swaps on behalf of municipal clients.

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.