The municipal bond market was expected to see almost $8 billion in new issuance this week, but will see $350 million less as New Jersey announced late Friday it has postponed its competitive sale to May 1.

Before the deal was delayed, $7.39 billion in issuance was expected, up from last week’s revised $6.07 billion. In the negotiated market, $5.13 billion is expected to be priced, up from last week’s revised $5.09 billion. On the competitive calendar, $2.26 billion should be auctioned, up from last week’s revised $975 million.

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