Road to Disney World Lures Vanguard as Debt Yields Sink
This article is for subscribers only.
A central Florida county is building a toll road through swampland near Walt Disney World to speed the commutes of local workers, financing the project by selling low-rated debt to yield-hungry investors.
The $70 million tax-exempt deal from Osceola County drew Vanguard Group Inc., the world’s biggest mutual fund company, whose head of municipal securities, Chris Alwine, foresees demand for more infrastructure funding. Citigroup Inc. predicts next year will bring the most muni toll-road issuance since 2010 as officials ramp up investment.