Volume in the municipal market for the month of May was the third busiest on record, as issuers continued to leave the auction-rate security market in droves.

More than $37.2 billion in debt was sold through 933 issues, marking a 13% decrease from last year's record volume of $43 billion, according to preliminary data from Thomson Reuters. The total for the month brought year-to-date volume to $173.4 billion, within 5.8% of the $184 billion sold between January and May 2007.

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