In what is the single-largest note deal so far this year, California will issue $8.8 billion of revenue anticipation notes this week, more than double the estimated $4.37 billion of long-term volume expected to be priced in the primary market, according to Ipreo LLC and The Bond Buyer.

The estimated volume is also half of the revised $8.66 billion in long-term financings that made their way to market last week, according to Thomson Reuters. The largest long-term deal last week was a $982 million Utah general obligation offering that had natural triple-As from all three major rating agencies and included tax-exempt bonds and taxable Build America Bonds.

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