“Tom Kozlik, head of municipal strategy and credit, HilltopSecurities, recently upped his forecast for yearly volume but doesn’t see another record year in store for munis.

'I just increased our issuance forecast for 2021 to $460 billion from $375 billion, so I think it is actually running higher than I initially expected,' he said. Kozlik's initial forecast was on the low end of a spectrum that had others seeing $500 billion-plus for the year.”

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