Led by a surge of refunding issues primed by this year's drop in interest rates, issuance of education bonds increased during the first three quarters of 1993 to $37.34 billion -- a 24.9% jump over the $29.9 billion of school debt sold in same period of 1992.

If the trend continues, the volume for the full year would be an unprecedented $49.79 billion, far ahead of the record $39.8 billion reached last year.

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