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2010 Midyear Review

Shifting Conditions Boost Refundings 23% in 1st Half

Refunding volume increased 22.8% to $47.8 billion in the first six months of 2010, despite the year-long decline in long-term non-stimulus program bond issuance, reflecting a shift in the yield curve and improved market conditions. Refunding volume was $38.9 billion in the same period of 2009.

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