Low yields and tight yield spreads on the short end of the municipal market largely shaped the municipal note market, which saw a small decline in first half 2009 volume,  compared with the first half of 2008.

Overall, total volume decreased to $21.38 billion in 1,405 issues, down from $22.06 billion in 1,504 issues in the same period last year, according to new data from Thomson Reuters.

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