The Christmas holiday may be right around the comer, but the mood was less than festive in the municipal marketplace yesterday.

Many prices declined for the fifth straight day as buyers continued to bow out of the market. Investors scooped up bonds in a feeding frenzy last week, but they appear content to sit out the market through the holiday, market players said, leaving issuers flocking to the market with yearend refundings with mixed to sour results. Prices declined 1/4 point on average each day this week, pushing yields on The Bond Buyer indexes as much as nine basis points higher,

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