Tom Kozlik, head of strategy and credit at HilltopSecurities, said banking pressures didn't impact issuance at all. "In the last several weeks, buyers have had money to put to work," he said. "And if anything, there hasn't really been as much supply as what demand was." However, he noted, if the banking sector crisis had been worse and munis were hit harder, then issuance could have been more drastically impacted.

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