Illinois’ $3.7 billion general obligation bond issue that was postponed last week will return to the calendar this week, the highlight of an otherwise bleak primary market.

Issuers and underwriters are keeping new issuance to a minimum in light of Presidents Day and expectations that many investors are preoccupied with winter-break vacation plans. Ipreo LLC and The Bond Buyer expect an estimated $5.44 billion of long-term new issues will be priced this week, almost $3 billion short of the typical $8 billion. The light volume comes on the heels of a revised $3.39 billion that entered the market last week, according to Thomson Reuters.

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