A billion-dollar deal in the Far West region and a bevy of new deals in the Northeast will lead this week's primary market calendar, which includes $6.68 billion of new volume compared with a revised $8.01 billion last week.

A $1.75 billion California general obligation issue planned for pricing by Morgan Stanleyon Thursday will give retail investors first crack at the bonds tomorrow and Wednesday. The new-money and refunding deal, which will mature from 2009 to 2038, will be uninsured and carries ratings of A1 from Moody's Investors Service and A-plus from Standard & Poor's and Fitch Ratings.

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