More than $1 billion of high-yield paper is expected to drench the market this week, high-yield sources say.

New junk on deck includes Transco Energy Co.'s $300 million of notes due 1999. First Boston Corp. will lead manage the offering, which is rated B-1 by Moody's Investors Service and B by Standard & Poor's Corp. Price talk is 10-3/4% to 11%. The offering is expected to be priced this evening.

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