DALLAS - After a flat first quarter, new-issue volume in the Southwest rebounded in the second, propelling the region to a 6.1% overall increase for a total of $41.4 billion in the first half of 2008.

A flood of refundings on the heels of the collapse of the auction-rate securities market helped boost volume 11.6% in the second quarter. Refunding volume increased by 51% while variable-rate deals with a short put surged 294%. New-money issuance rose nearly 10%, according to Thomson Reuters.

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