Despite the deterioration of the auction rate securities market, sales of new long-term municipal bonds declined only slightly in the second quarter compared with the same period last year, according to a report issued yesterday by Thomson Reuters of New York.
Second-quarter volume totaled $226.3 billion, a 1.3% drop from $229.3 billion of the same period last year.
Year-to-date volume through June 30, however, represented the second-highest first-half volume since 2000, according to the report.
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