With another record year for bond insurers coming to a close, industry executives and rating agency analysts are looking ahead to 1994 with guarded optimism.

The consensus is that next year's insured municipal bond volume will not approach this year's level. The volume of refunding issues, which is expected to account for as much as 60% of all insured bonds in 1993, should decline notably, so the overall amount of insured bonds should also drop.

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