Lured by 1993's persistently low interest rates, issuers of long-term municipal bonds brought $235.92 billion to the market through Oct. 21, eclipsing in fewer than eleven months last year's record for new bond issuance of $235.05 billion.

With an extremely sluggish economic recovery and state and local governments strapped for cash, new money deals took a tumble from 1992's levels. The road to record highs was paved by refundings.

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