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Issuance will remain slow in the second quarter of 2023, and for most of the year, noted Tom Kozlik, head of public policy and municipal strategy at HilltopSecurities. Higher interest rates will be to blame for the lack of issuance going forward, Kozlik said. "The higher interest rates just are not allowing refundings to work in most cases," he said. "There will not likely be heavy months of issuance or months where we see consecutive $40 billion a month, or $40 billion a month for three months in a row."