2002 a record year for debt issuance.

• Position: News Briefs

Low interest rates and falling revenues combined to make 2002 a record year for the municipal market. According to Thomson Financial Securities Data, new-issue volume for long-term bonds totaled $357.1 billion in 2002, surpassing the $292.2 billion record set in 1993. The 2002 total represents a 24 percent increase over the previous year. Short-term volume for the year totaled $72 billion--a 28.1 percent increase over the $56.2 billion record set the previous year. Fittingly, 2002 also witnessed the largest single offering in the history of the municipal market--an $11.9...