In the last full trading week before the municipal market slows for its usual holiday pause, uncertainty continues due to the status of Illinois' $1.4 billion general obligation certificates sale - with few other new deals on tap to fill the void amid overall market weakness and volatility.

According to Thomson Reuters, there is an estimated $1.53 billion of total volume on the horizon this week, compared with a revised $5.57 billion last week. If the Illinois certificates sale does not end up pricing, there will be slim pickings of other new issuance in the primary market.

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