(Bloomberg) -- The worst rout in the $3.7 trillion municipal-bond market in more than two years is proving a gift for wealthyinvestors buying through brokers and professional asset managers who see a chance to make long-term money.
With state and local debt at its cheapest since April 2011, such buyers are grabbing munis with yields at record highs, according to data compiled by Bloomberg. For example, Ace Ltd., a Zurich-based property and casualty insurer, increased its muni holdings by 15 percent in the first six months of this year.
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