John Bonnell News
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Dallas-Fort Worth International, set to become the biggest hub for the world’s largest airline, is embarking on a borrowing plan that will make it the nation’s most-indebted airport.
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Debt of Fairfax County, Virginia, home to defense contractors such as General Dynamics Corp., is the strongest in two months even as it faces losing its top credit rating within weeks as federal spending cuts loom.
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States and cities slashing borrowing to cut costs are driving the $2.9 trillion municipal- bond market to its sixth-straight month of positive total returns, the longest winning streak since 2002.
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Looming U.S. defense-spending cuts that threaten almost 160,000 Texas jobs are unlikely to halt a municipal-bond rally that’s beating seven other top-rated states tracked by Standard & Poor’s.
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Texas , the second most-populous U.S. state, avoided paying higher interest rates on federal obligations with the sale of $854.7 million in debt to cover unemployment benefits.
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California, the biggest U.S. municipal debt issuer, is paying one-third less in long-term borrowing costs than two years ago, when former Governor Arnold Schwarzenegger fought lawmakers over deficits and struggled to attract individual investors.
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Illinois ’s Cook County, home of Chicago, the third most-populous U.S. city, will sell $1.05 billion in debt including its largest Build America Bond offering, as municipal issuance rebounds from a two-month low.
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General Motors Co. boosted vehicle sales in Thailand 62 percent in April as political unrest failed to dent rising demand fueled by the nation’s growing economy.
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Brown University is unwinding an interest-rate swap with Goldman Sachs Group Inc. that may cost one of the world’s richest schools about $5 million.
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Maruti Suzuki India Ltd. salesman Ram Krishna Upadhyaya goes to a farmers’ market three times a week to find out who has had a good crop and can afford a new car.
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