Long-term municipal bond volume for October trailed 2012 issuance for the third straight month, much as it has throughout the year.

Volume last month fell 28% over the same period in 2012, to $25.4 billion in 755 deals against $35.1 billion in 1,112 issues. The declines reflect a steep drop in refunding deals and local governments' use of increased revenues to shore up reserves rather than start much-needed infrastructure projects. For the year to date, issuance has dropped 14%, to $275.7 billion on 9,560 deals, compared with $319.1 billion in 10,955 issues through October 2012.

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