Supply Slowdown

Issuers from New York to Arizona are offering about $172 million in long-term debt this week, when the market shuts Jan. 1 for New Year’s Day.

The interest rate on AAA 10-year munis is 2.93 percent, compared with 3 percent on similar-maturity Treasuries.

The ratio of the yields, a measure of relative value, is about 98 percent, the lowest since June. It compares with a five-year average of 102 percent. The smaller the number, the more expensive munis are compared with federal securities.

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