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Spreads drop in first half as refundings swamp market; law of supply and demand proves itself again; besides refundings cost a lot less to produce.

JUL 26, 1993 1:00am ET

The average gross underwriting spread on all tax-exempts declined 75 cents, to $8.62 per $1, 000 par value in the first half of 1993 from $9.37 in the same period in 1992, according to preliminary...

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