The new-issue calendar will be somewhat lackluster this week with an estimated $3.75 billion of competitive and negotiated volume expected to arrive, compared with last week when issuers priced a revised $2.79 billion ahead of the Passover and Easter holidays, according to Thomson Reuters.

A $400 million sale of capital improvement limited obligation bonds from North Carolina is the largest deal expected in the negotiated market this week amid a handful of deals from the Southeast. The deal, which is being priced on Thursday after a retail order period on Wednesday by lead manager Banc of America Securities LLC, is expected to be structured with serial bonds maturing from 2010 to 2029. The bonds are rated Aa1 Moody's Investors Service, and AA-plus by Standard & Poor's and Fitch Ratings.

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