Municipal bond index yields fell modestly over the week. Rates measured by the one-year note, as well as 11- and 20-year bond indexes slipped by up to two basis points.

Muni bond indexes have been reacting to an upsurge in new issuance. About $4.68 billion is expected to reach the market this week, according to Ipreo LLC, compared with $3.38 billion last week.

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