Issuers paid less to borrow in the tax-exempt market in 2010, with a more pronounced decline in underwriting fees on bond issues authorized as part of the American Recovery and Reinvestment Act compared to the decline of combined tax-exempt and stimulus debt.

Not only did issuers see a larger drop in borrowing costs for stimulus debt versus all bonds combined last year, but underwriting fees in general were lower for both stimulus-only and tax-exempt and stimulus debt ­combined when compared to 2009 fees, according to new data from Thomson Reuters.

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