New Jersey Governor Chris Christie, who pledged to reduce state bonding, hasn’t been able to keep a vow to curb borrowing for roads and bridges. Investors in the $3.7 trillion municipal market welcome the extra debt.
New Jersey Democrats allowed a $1.4 billion transportation bond issue to proceed after their delay in approving the deal led Governor Chris Christie to halt road and transit construction across the most densely populated U.S. state.
New Jersey Department of Transportation Commissioner James Simpson said he is halting all state-funded transportation construction projects effective Oct 4. Simpson said he was taking the action because the state Legislature did not approve a bond sale to fund previously authorized work.
Royal Bank of Scotland Group Plc’s interest-rate traders were seated with one of the main rate setters in its London office to share information, and discussed rates on conference calls, a fired trader said.