April was the busiest on record for new-issue muni market volume, as issuers took advantage of improving yields to refinance their auction-rate securities.

Issuers borrowed $43.8 billion in the month of April through 946 issues, according to preliminary data through April 30 from Thomson Reuters. The total represents a 30.5% increase over the April 2007 total of $33.5 billion, making it the busiest April on record, according to the Tdata.

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