Embedded derivative volume in the primary market is picking up along with the yearend surge of new issues. Over the past week, several deals included embedded derivatives, and underwriters hope to include them in a few more later this month.

Yesterday, the New York State Thruway Authority included $50 million of derivatives on its $204 million issue. Although Dillon Read & Co. managed the offering, the Thruway separately selected Goldman, Sachs & Co. to sell derivatives on the deal.

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