Fired up by persistently low interest rates, new-issue municipal bond volume grew 42% through the first nine months of 1992, rising to $170.17 billion compared with $119.94 billion in the same period last year, according to preliminary figures compiled by Securities Data Co.

With municipal sales poised to break through the $207 billion record set in 1985, volume highs have already been set in issuing debt for education and transportation, and in refundings and general obligations.

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