New-issue municipal bond volume fell to the lowest semiannual level in three years in the first half of this year, plunging almost 40% to $91.11 billion on 5,687 issues from from $149.13 billion and 7,300 deals in the first six months of 1993, according to information from Securities Data Co.'s data base.

Semiannual bond bolume has not been that low since the first half of 1991 when $75.11 billion of municipal debt was sold in 5,027 issues.

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