New Jersey’s government bond market in the first half of 2019 has seen a rebound in activity compared with the first half of last year, but public finance lawyers’ expectations of the market’s baseline have changed now, nearly two years since adjustments to the tax code affected how bond-issuing authorities conduct business.

According to data compiled by Refinitiv, there were 110 bonds issued at a combined value of $3.63 billion through June. That’s a 30% increase in volume, but a 33.1% decrease in par amount, over the first half of 2018.