Yields on top-rated 10-year municipals were 2.02 percent yesterday after falling to 2 percent on Sept. 23, the lowest level since 2009, when Bloomberg records for the debt begins. Municipals maturing in 10 years produced a total return of 9.47 percent this year, according to a Barclays Capital index that includes tax-exempt bonds with a weighted credit rating of Aa2 to Aa3.

Municipal issuance next year should return to its typical pattern of a busy first six months followed by a slow third quarter, said Jay Saakvitne, a managing director in U.S. public finance at Barclays Capital in New York.

"The things that caused this year's aberration were one- time effects," Saakvitne said. "It's more likely that we'll go back to a more standard calendar with heavier issuance in the first half of the year."

 

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