The municipal bond market posted extraordinary gains in 1991 -- gains that were accentuated in trading late last week and reflected in the week's municipal bond yield indexes, which posted record lows.

The market's 1991 advances were unevenly distributed according to yield and maturity. The shorter a bond's maturity and the higher its rating, the better it fared this year, according to Delphis Hanover Corp., the municipal bond market analysis firm based in Southbury, Conn.

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