The Bond Investors Association yesterday reported that $3.1 billion of municipal debt either defaulted, went into technical default, or was deemed to be at significant risk of default during the first half of 1991.

About $2.1 billion of that sum came in the second quarter alone, largely because the association has already counted as defaulted all $1.85 billion of guaranteed investment contracts backed by Executive Life Insurance Co., which was seized by regulators in April and placed in conservatorship.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.