Atlantic City’s borrowing costs have risen as much as 21 percent since 2012 as the New Jersey gambling resort increases debt to refund property-tax bills appealed by casinos struggling with a seven-year business slump.
New Jersey and New York City, two of the municipal bond market’s largest borrowers, lead the biggest week of state and local government sales in a month as issuers test demand after investors pulled $12.5 billion from muni mutual funds in December.
Australia’s central bank will raise borrowing costs only one more time this year amid signs the nation’s economic expansion won’t push the inflation rate above Governor Glenn Stevens ’s target range, Citigroup Inc. said.
Texas, which may face a budget deficit of $21 billion a year from now, is set to cut its cost on a $1 billion highway-bond sale as investors receive about 17 percent less yield than in a previous issue.
Pittsburgh, the former steel-industry capital that was close to insolvency a decade ago, is thriving again even as Detroit, largely abandoned by carmakers, becomes the biggest U.S. municipal bankruptcy.
Joplin, Missouri, where 161 people were killed in the deadliest single U.S. tornado in almost 60 years, is joining hurricane-ravaged East Coast towns borrowing to rebuild while municipal yields are near generational lows.