WASHINGTON — Investors interested in taxable munis were confronted with less supply in the first half of 2012 as issuance of the bonds fell more than 20% compared to the same time last year.

Issuance of taxable bonds totaled $12.46 billion for the first six months of the year, a decrease of 21.4% from the $15.86 billion sold in the first half of 2011.

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