Municipal bond issuance, spurred by unabated demand and significantly lower interest rates, continued its meteoric climb to record levels in the first half of 1992, soaring 51%, to $113.12 billion from $74.69 billion a year ago, according to figures compiled by Securities Data Co./Bond Buyer.

At its current pace, the municipal market would finish 1992 with $226 billion in sales, easily surpassing the $207 billion record set in 1985.

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