Refundings fueled a 43% increase in new-issue bond volume in the first nine months of 1992, driving new deals to $171.07 billion from $119.73 billion in the same period a year ago, according to figures compiled by Securities Data Co.

With interest rates reaching their lowest levels in more than a decade, issuers found the time ripe to bring refunding deals to market. Refundings sky-rocketed to $81.91 billion through September, up 147% from $33.11 billion a year ago and already the largest total ever for a calendar year. Refundings accounted for 48% of total issuance, compared with 28% in 1991.

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