(Bloomberg) -- Municipal-bond trading soared to an all-time high in November as mom-and-pop investors snapped up bonds, driving the market’s best month of performance since the 1980s. 

There were 1.5 million trades in November, which was a monthly record, according to the the Municipal Securities Rulemaking Board. The regulator said that demand from small-time investors was a major factor in the spike in trading. 

In November alone, AAA benchmark yields dropped over 90 basis points depending on the maturity, according to Bloomberg BVAL. The surge in interest came amid a global bond rally on growing optimism the US central bank is nearly done hiking interest rates and will soon have to hit pause on its tightening regime. 

“Demand from individual investors was a major factor in rates declining and led to record trade count,” the MSRB said in a posting. Most trades reported to the MSRB were from customers buying, according to the data. 

Muni bonds posted a 6.3% return in November, the best month of returns since 1982, according to Bloomberg indexes. 

Read more: Munis Haven’t Rallied So Much in a Month Since Volcker Ran Fed

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