CHICAGO — Lured by record low interest rates, Midwestern borrowers rushed refundings to market during the first six months of the year while issuers in a region known for its conservative leanings treaded more cautiously in adding new debt. 

Issuance by the region’s local and state governments, nonprofits, health care providers, schools and other tax-exempt borrowers jumped by 72% for the first half of the year to $37.6 billion in 2,380 transactions, compared to $21.9 billion in 1,702 deals for the first half of 2011.

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