New municipal bonds sold at a torrid pace through the first nine months of 1991, hitting $119.14 billion after a 25% rise from $95.14 billion for the same period a year ago, according to figures compiled by Securities Data Co./Bond Buyer.

At this rate, volume for 1991 would reach $159 billion by the end of the year. That would be the second-highest total on record, surpassing 1986's figure of $151.3 billion and falling short only of 1985's record $204.28 billion.

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