LOS ANGELES — A crowded bond calendar and the size of Hawaii's $1.27 billion general obligation bond sale next week mean the deal will likely have to be priced nationally to clear the market, according to one market watcher.

"The deal in and of itself is too large for the typical retail investor in the state to peck away at it," said Michael Pietronico, chief executive of Miller Tabak Asset Management in New York.

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