For the first time in almost a year, New York City could get a warmer and less expensive reception in the municipal market as it sells $750 million of general obligation bonds today.

According to a consensus pricing scale released yesterday, tax-exempt serial bonds due 2012 through 2021 could be priced to yield 8.20% -- potentially the lowest rate the city has paid since the market turned against them during the first two weeks of October. The last city deal that saw a yeild below 8.25% on its long-term, fixed-rate bonds was in September 1990, when Bear Stearns & Co. priced an $850 million deal with a maximum yield of 8.05%.

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