A $3.7 billion taxable Illinois general obligation sale this week is the largest single deal to test the fickle and fiscally challenging waters of the municipal market so far this year. It will be the standout offering in an otherwise lifeless primary.

“The primary calendar for next week is looking like another modest week of issuance,” Randy Smolik wrote in the daily Municipal Market Data commentary. Ipreo LLC and The Bond Buyer expect volume to hit $6.090 billion — roughly $2 billion less than the typical amount — but up from last week’s revised $2.715 billion, according to Thomson Reuters.

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