Tom Kozlik, head of strategy and credit at HilltopSecurities, projects issuance at $415 billion to $425 billion at the most. Even that, he said, could be a stretch. At the end of 2021, he expected total volume for 2022 to be $495 billion, in part, due to federal government aid and infrastructure dollars, and later revised total issuance to be between $400 billion and $450 million at the end of April.

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