Sugar Land, Texas, plans to pump $50 million into new parks around the city of 85,000, just the kind of project President Barack Obama wants to revitalize the U.S. economy by spurring investment in aging infrastructure.
At $10,108 per person, New Yorkers bear the highest unfunded burden for retired public workers’ health benefits among the 15 biggest U.S. municipalities. Investors have responded by driving the city’s relative borrowing cost almost one-third below the five-year average.
Devon Energy Corp. will gain urban improvements around its new headquarters as the Oklahoma City Economic Development Trust sells $117.7 million in taxable bonds, with yield penalties on such debt touching record lows.
U.S. households hold the least municipal debt since 2008, and are instead stockpiling the most cash in at least four years, offering a cushion for the $3.7 trillion market as yields reach an 11-month high.
Fort Worth, Texas, avoided voters when it sold $86 million of bonds last year to finance a police and fire facility. An El Paso hospital system plans new clinics using $162 million of debt taxpayers won’t have a say on.
Citigroup Inc. lowered its estimate of U.S. municipal bond issuance this year to $240 billion from $275 billion a month ago, in part because fiscal austerity is leading local governments to borrow less.
Morgan Stanley Smith Barney fired George Friedlander , a municipal bond strategist for more than three decades, as it integrates two formerly separate firms, according to a person familiar with the matter.
The value of the $3.7 trillion municipal-bond market may drop by $200 billion, or about 5 percent, under President Barack Obama’s plan to limit income-tax deductions to 28 percent, according to Citigroup Inc.