Investors clamoring for new supply will be faced with slim pickings this week when long-term volume in the tax-exempt market sinks to an estimated $2.61 billion — less than half of last week’s total — as trading and underwriting begins to wind down ahead of Labor Day, according to Ipreo LLC and The Bond Buyer.

After originally being earmarked at $4.77 billion, a revised $5.7 billion actually came to market last week, according to Thomson Reuters. The municipal market rallied to all-time lows last Wednesday for the 12th time in the past three weeks, pushing 10-year tax-exempt yields below 2.20% and 30-year munis lower than 3.70% for the first time in history.

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