New-issue bond volume continued spiraling downward with July issuance plunging 51% to $12.04 billion from $24.77 billion a year ago, according to information from Securities Data Co.'s data base,

Only 453 new issues came to market last month, the lowest monthly total since January 1988 when 404 new deals were sold. In fact, if the $4 billion California revenue anticipation warrants were excluded from last month's total, the $8.04 billion remaining would be the smallest dollar amount in long-term monthly volume since January 1991 when only $7.82 billion of bonds were sold.

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