Historically low municipal bond yields have prompted issuers to schedule a wave of municipal bond refundings in the upcoming month, and boosted The Bond Buyer's 30-day municipal visible supply calendar to $8.15 billion, its highest level since 1985.

The anticipated supply bulge is expected to keep prices in the new-issue market lower than those available on outstanding issues and could push total refunding volume ahead of new-money issuance this year, at least one market analyst speculated.

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