Two of the country’s largest municipal borrowers asked investors to buy bonds this week, a key test of the $3.8 trillion market where state and local governments turn to fund themselves. Illinois and New York’s Metropolitan Transportation Authority have been marketing about $3 billion of bonds in recent days—the state to help plug budget holes and the authority to repay debt that is coming due. The MTA found plenty of investors willing to buy bonds Tuesday, but the debt came at a high cost, and it remains unclear how Illinois’s...

Source: Wall Street Journal May 06, 2020 15:12 UTC