Municipal bond issuers tore through the first half of 1992 at a breathtaking pace, refunding old debt in unprecedented amounts and easily toppling market volume records.

At $108.0 billion, total issuance for the first six month of the year soared 47% above the record set just last year, when $74.2 billion of municipal bonds came to market between January and June, according to Securities Data Co./Bond Buyer.

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