Issuance for the first six months of the year averaged $29 billion, with issuance for the first half of the year at $174.8 billion. Tom Kozlik, managing director and head of public policy and municipal strategists at HilltopSecurities, continues to expect to see issuance average of $29 billion. He doesn't see issuance topping $30 billion for July due to the combination of the holidays and the Federal Open Market Committee meeting.

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