It’s taken them awhile, but America’s neighborhoods are finally taking advantage of rock-bottom interest rates to finance needed infrastructure projects.
From NYC to California, agencies have sold around $272B of bonds this year, putting the municipal market on track to hit 2010’s record level of sales, Bloomberg reports. And instead of just paying off higher-cost debt, more and more local governments are throwing that cash into construction projects.
"That’s going to be the story for the year—rebuilding infrastructure," says Mikhail Foux, head of municipal strategy for Barclays, which predicts issuance could top $400B this year. [Bloomberg]
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