Despite New York State's well-documented list of fiscal woes and budget ineptitude, its $3.9 billion note offering today is expected to get off the ground without a hitch, according to market participants.

The market is bracing for the state's annual tax and revenue anticipation notes with Merrill Lynch & Co. serving as bookrunner on the negotiated offering. Preliminary price talk, market sources said, was for the issue to come as 5.40s to yield 4.95% to 5.03%.

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