The waves of issuance rolling into the municipal primary market the past few weeks continue to grow. Last week's volume, at more than $9 billion, approached record territory for 2011, and this week's anticipated issuance should easily set a new high for the year, at nearly $12 billion.

Clearly the week's primary market is full of superlatives. Two huge deals are slated to weigh in at more than $1.2 billion. The expected negotiated volume alone would rank third for the year.

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