A $1.5 billion California general obligation sale and a trio of mammoth note deals will headline this week's activity in the primary market amid an estimated $6.46 billion in new-issue volume. Last week, the market welcomed a revised $7.28 billion, according to Thomson Reuters.

As California legislators continue to seek solutions for the state's budget crunch, Citi will price the GO bonds tomorrow after concluding a two-day retail order period today. The deal is structured to mature serially from 2009 to 2028 with term bonds in 2033 and 2038, and is rated A1 by Moody's Investors Service and A-plus by Standard & Poor's and Fitch Ratings.

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