More than $9 billion of municipal bonds may be redeemed or called from investors on Jan. 1, 1993, marking perhaps the largest redemption date in history, according to data compiled in the first issue of "The Bond Buyer Redemption Report."

Due to the vast cash payments anticipated at a time of typically limited municipal supply, some fund managers and market strategists are advising clients to begin hoarding municipals now so they do not get caught with money to spend and a paucity of low-yielding bonds in which to reinvest.

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