Billions in sales expected during coming week; municipals finish out week with firmer tone

By Aaron Hochman-Zimmerman and Sheri Kasprzak

New York, Aug. 14 - The coming week is building up to be another busy one, with several billion-dollar municipal offerings in the pipeline.

The largest sale of the week comes out of the Regents of the University of California, which will sell $1.37 billion in general revenue and Build America Bonds Wednesday.

The State of Illinois is also set to sell $1.25 billion in series 2009 general obligation certificates competitively on Thursday.

The Dormitory Authority of the State of New York plans to bring to market Tuesday $1.24 billion in series 2009 state personal income tax revenue general purpose bonds - an offering at least one market source has his doubts about.

The sale comes as income tax revenue is declining precipitously.

"It's based on income tax, and they're getting less income," said one market insider earlier in the week. "I think it's going to be a tough sell."

Dasny's sale includes $395 million in series 2009D bonds, $135 million in series 2009E federally taxable bonds and $710 million in series 2009F federally taxable Build America Bonds.

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