WASHINGTON — Wake County, N.C., on Wednesday will issue $34.9 million of qualified school construction bonds — its first such issuance and the state’s largest QSCB deal since the beginning of the program.

The transaction comes as market participants said they expect QSCB issuance to increase in the state. Many issuers had delayed QSCB deals until Congress in March converted the securities from tax-credit bonds to taxable bonds that provide issuers with direct subsidy payments.

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