Large issuers in California, New York, Texas, and Maryland will test the choppy waters of the primary market this week as part of an estimated $8.2 billion in new-issue volume expected to debut as the market continues to grapple with ongoing turmoil in the auction-rate and credit sectors.

Two of this week's deals - including a $1.025 billion sale of power supply revenue bonds from the California Department of Water Resources - represent issuers' efforts to restructure their short-term, auction-rate debt as fixed rate as a means seeking recovery from failed auctions that triggered widespread market dislocation and corresponding volatility nearly a month ago.

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