Municipal market analysts and portfolio managers anticipate that the reinvestment of July 1 payments to municipal bond investors could pour as much as $37 billion into the tax-exempt market in the next few weeks.

A large portion of the cash is expected to flow from a record number of bonds being called, or redeemed prior to maturity, on July 1. More money would come from semi-annual interest payments and bonds maturing on July 1.

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