Municipal bond yields have jumped enough from historic lows they reached in November that investors are beginning to see some attractive ratios, creating opportunities for both buyers and holders of tax-exempt securities.

As measured by their value relative to comparable Treasuries, munis across the yield curve are cheaper than their averages since January 2003. The average triple-A yields for bonds maturing in two through 10 years - leading into the intermediate portion of the curve - also remain below their averages for the same period.

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