This week, SIFMA Research released the U.S. Municipal Bond Credit Report for the third quarter of 2013. Long-term municipal issuance volume, including taxable and tax-exempt issuance, totaled $68.0 billion in Q3, a decline of 21.3 percent from the prior quarter ($88.6 billion) and a decline of 18.7 percent year-over-year. Year to date issuance was $238.0 billion, 15.4 percent below a 10-year average of $281.4 billion in the first nine months of the year. In addition, SIFMA Research issued the U.S. Foreign Activity Report for Q3 2013. The report found that total U.S. transactions in foreign securities decreased by 6 percent quarter-over-quarter, while foreign transactions in U.S. securities decreased by 19 percent since the previous quarter.