The last week of the year is traditionally a quiet time for financial markets, but several state and local governments are planning bond sales before the year closes. "They'll get the deals done, but I think they could have issued at a better time," said Matt Dalton, CEO of Belle Haven Investments. "If they had issued two weeks ago, they would have gotten a more favorable rate." Dalton said Build America Bonds are providing investors in taxable debt a way to diversify away from mortgage-backed securities as well as corporate and sovereign debt. Within three years, the bonds might account for half of all municipal bond issuance, he said.

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