New York City has postponed its $700 million tobacco securitization offering until next year because it has found better value in its income tax securitization program with the Transitional Finance Authority, city officials said. The state was allowed to increase its securitization quota for this program last year from $7.5 billion to $9.5 billion.

"The income tax securitization bonds sell better in the marketplace than tobacco bonds," said Allen Anders, a treasurer at TFA.

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