Issuance of long-term municipal bonds will decline marginally next year from the pace set this year, when volume fell more than 40% from the record-breaking highs of 1993, the Public Securities Association said Friday in its annual forecast.

PSA said long-term volume in 1995 would total $157.5 billion, down 4.5% from this year The securities industry trade group estimated that the final total long-term municipal bond issuance for this year would fall to $165 billion, down 43.4% from 1993 when massive refinancing volume drove up total new issuance.

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