The Tobacco Settlement Corp. is coming to market with over $3 billion of municipal bonds in a refunding deal that takes out all of the securities issued back in 2007.

Where there’s smoke, there’s yield, and this week, buyers will be getting it as New Jersey heads to market with a $3.2 billion tobacco bond deal.

The biggest muni bond offering of the year is sure to satisfy buyer cravings against low volume and high yield.

The sale is a refunding that will take out all the Tobacco Settlement Financing Corporation’s outstanding bonds, which were issued in 2007.

Cigarette smoking has been on the decline for the past several decades.

IHS Global’s tobacco consumption report forecasts cigarette sales to fall 2.9% annually from 2016 until 2046 – a 59% drop over the next 30 years.