Long-term municipal bond volume rose modestly for the month of December, closing the door gently on 2012, a year that saw record low interest rates spur an upsurge in refundings.

Issuance last month increased 4% from the same period in 2011, to $25.3 billion in 948 deals from $24.4 billion in 930 issues. For the year, long-term issuance jumped 30%, to $373 billion in 12,918 deals, from $288 billion in 10,574 issues in 2011, Thomson Reuters numbers showed.

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