Surging new-issue municipal bond sales were fed by relentless refunding volume and rose to a new record for the first seven months of 1993, rising 29% to $169.99 billion from $131.62 billion during the same period a year ago, according to preliminary volume figures obtained from Securities Data Co.'s database.

Volume in the month of July, despite a potent 24% increase to $21.98 billion from $17.76 billion, did not set a record for new-issue sales in the month. July volume trailed the record set in 1986 of $24.89 billion.

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