Municipal bond sales rose 44% in the first five months of 1992, putting the market firmly on track toward a $200 billion year, according to figures from Securities Data Co./Bond Buyer.

State and local governments sold $83.78 billion of new bonds through May 31, up from $58.19 billion in the same period a year ago. If sales continue at the current pace, barring any major interest rate increases or tax law changes, the market would finish the year with roughly $201 billion in sales.

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