by Jordan Eizenga
The new World Trade Center is the latest casualty of a municipal bond market in turmoil. The developer of the office-and-memorial project in lower Manhattan this month postponed issuance of $900 million in tax-exempt bonds, because of rising yields.
Liberty Development Corp.’s problems are emblematic of widespread distress in the municipal markets: Default worries, near-elimination of municipal bond insurance, and tight credit conditions have led to higher interest rates and delays of important infrastructure projects that create jobs.
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