Financial guarantors backed $38.75 billion of municipal bonds in the first half of 1992, more than any other half-year period in the history of the industry.

The first six months of this year set a new standard for insurance volume, exceeding the next-best period by more than $11 billion, or 40%. In the second half of 1991, the previous bellwether, guarantors backed $27.3 billion, according to company reports.

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