SAN FRANCISCO - Long-term municipal bond issuance dropped 4.1% in the first half of 2008, as issuers with auction-rate securities rushed to refinance and most others tried to avoid a turbulent market.

Local governments, nonprofit organizations, and other muni issuers sold $221.7 billion of bonds in the first half, down from $231.3 billion in the first half of 2007, according to preliminary data from Thomson Reuters. The number of deals decreased to 5,730 from 6,646. In June, issuance fell 7.5% to $43.6 billion from $47.2 billion a year earlier.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.