August new-issue volume stood nearly on par with the same month last year, as issuers continued to refinance their auction-rate securities.

A total of $28.95 billion new issues entered the market in August, down less than 1% from last year's August total of $29.21 billion, according to preliminary Thomson Reuters data. Refundings jumped to $8.4 billion in August from $2.4 billion in August 2007.

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