The municipal market weakened Monday as concern about this week’s massive new-issue calendar weighed heavily on secondary trading, sending 30-year yields to a 12-month high.

Traders said tax-exempt yields were higher by eight to 12 basis points among bonds maturing in 10 years or later, while weakening three to five basis points on the short end. Supply is outpacing demand as issuers hurry new deals to market ahead of the impending demise of the Build America Bond program on Dec. 31.

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