US investors hunt for yield in junk-rated municipal debt

Borrowing costs have never been lower as $4tn asset class booms

Investors are pouring into the $4tn US municipal bond market, pushing yields on debt issued by state and local governments across the country to the lowest level on record.

The voracious investor appetite has helped state agencies and governments lock in low borrowing costs and at times raise more money than bankers working on the projects initially anticipated.

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