New York
IN 1989, Japanese investors bought Rockefeller Center. Now, they are plowing into the market that finances the subways underneath.
Faced with negative interest rates in their own countries, foreign banks and pension funds are looking increasingly towards municipal bonds, a bastion of buy-and-hold investors seeking US income tax breaks.
Money managers including ColumbiaThreadneedle Investments and Western Asset Management Co said that they have set up accounts for Asian and European investors who are buying US state and local-government debt. In November, Shinsei Bank Ltd and Western Asset, a unit of Baltimore-based Legg Mason Inc, started a private fund that invests in municipal bonds for...
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