But even without them, Securities Data calculates that new offerings raised at least $2.3 billion this month.

That is up from $3.6 billion in the first two quarters of 1992, according to Securities Data.

Initial public offerings did particularly poorly, with only $2.7 billion issued, according to Securities Data.

That is below the eight-tenths of 1 percent it had in 1994, according to Securities Data.

According to Securities Data, new corporate issues set a record in January, with a total of $36.8 billion.

So far this year, companies have sold $14 billion worth outside their home markets, according to Securities Data.

Securities Data also reported the final numbers for the total of new issues in the tax-exempt market in the first quarter.

It was also the lowest quarterly total since the end of 1990, according to Securities Data.

And Securities Data says that so far in 1998, junk bonds are being issued at about twice the rate of early 1997.

But it is down substantially from the record $91.3 billion that was raised in the fourth quarter of 1989, according to Securities Data.