The municipal bond market set an all-time record for annual sales last month, even though issuance slowed considerably in November, according to figures compiled by Securities Data Co.

State and local governments have sold $208.46 billion of long-term bonds so far this year, up a hefty 36% from the $152.95 billion for the same 11 months last year and eclipsing the previous one-year high of $207 billion in 1985. A record 11,046 bond issues have been sold, up from 10,939 for all of last year.

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