Long-term municipal bond volume fell 13% in July, hurt by rising interest rates and headline scares concerning Detroit's record bankruptcy filing and Chicago's downgrade.

Issuance dropped to $25.0 billion in 727 deals from $28.6 billion in 945 deals in July 2012, Thomson Reuters numbers showed. For the year to date, volume has dipped 10% to $200.8 billion in 7,123 deals from $224.1 billion in 7,939 issues.

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