Numbers In Context: 2012 Almost Matches 2011 in Issuance, With a Full Quarter Still To Go

Total issuance of fixed-rate municipal bonds through Sept. 14 has been about $248 billion, just $10 billion less than such sales in all of 2011, according to data compiled by Bloomberg. States and municipalities issued about $258 billion in fixed-rate debt last year, the least since at least 2003, the data show. Issuance climbed to $408 billion in 2010 as localities rushed to sell taxable Build America Bonds, which provided them a 35% subsidy on the interest rates they paid investors, before the program expired.

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