Following the pricing of last week's $5 billion revenue anticipation note sale by California, both the short- and long-term primary markets will be much more subdued this week, with only a handful of negotiated deals expected to be priced by issuers willing to enter the market at the prevailing higher interest rates.

Total volume in the long-term market is expected to be $3.38 billion, compared with last week's revised $1.86 billion, according to Thomson Reuters.

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