WASHINGTON — Overall tax-exempt and taxable municipal bond issuance will increase to more than $502 billion next year from $435 billion this year if the Build America Bond program expires on Dec. 31, according to an annual survey conducted by the Securities Industry and Financial Markets Association.

The survey was conducted between Nov. 15 and Dec. 2 — when an extension of the BAB program seemed achievable. Three-quarters of the survey's 15 respondents assumed BABs would be extended at a 32% subsidy rate, SIFMA said.

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