The municipal bond market's climb to record heights slowed slightly in July, but new-issue volume still rose 48% in the first seven months of 1992, to $129.86 billion from $87.89 billion a year ago, according to figures compiled by Securities Data Co.

State and local governments sold $15.77 billion of bonds last month, up 20% from $13.14 billion in July 1991. July's total was 42% below the $27.4 billion sold in June and the lowest for a single month since January, when $15.09 billion was issued. It also was the first month this year that failed to set a record for the month.

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