A $1.2 billion Iowa Finance Authority offering for the construction of a new fertilizer plant is the week’s largest planned deal amid almost $5.8 billion in new volume. It could be a tough sell due to its timing on the heels of the Texas fertilizer plant explosion two weeks ago and investors’ mixed reactions to economic numbers released late last week.

It will be the first substantial deal to test the market, which was quiet to one basis point firmer in spots on Friday afternoon, market participants said. The week’s smaller offerings include a $350 million of New Jersey General Obligation bonds that are earmarked for competitive pricing on Wednesday, and $255 million of financing for the El Paso County, Texas, Hospital District.

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