Except for two large school financings in Nevada and Florida to hold investors' attention this week, there will be a lull in primary market activity as new-issue volume declines by just over $1 billion from last week's total, continuing May's slow start.

New issuance will decline for the second week in a row, as municipalities are expected to sell an estimated $5.46 billion this week versus a revised $6.54 billion last week, according to Thomson Reuters.

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