Municipal issuance is expected to surge in the post-holiday primary market, led by a $1.2 billion revenue sale from the New York State Tobacco Settlement Authority.

The deal is part of an estimated $6.54 billion in long-term bonds headed to market this week as reported by Ipreo LLC and The Bond Buyer as the primary calendar goes from scarce to plentiful. Last week, volume dropped to $652.2 million as issuers trimmed offerings ahead of the Thanksgiving holiday, according to Thomson Reuters.

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