美国各州和地方政府正以创纪录的速度发行债券，今年以来借款已超过5000亿美元，因为基础设施和机场升级的需求不断增加。
US states and local governments are selling debt at a record clip, borrowing more than $500 billion so far this year as the need for infrastructure and airport upgrades mounts.
据彭博汇编的数据，市政债券发行量较去年同期增长近6%，有望在年底前突破6000亿美元。2025年，债券销售在11月初就跨过了这一门槛。
Municipal bond issuance is up almost 6% from the same period last year and is on pace to top $600 billion by year-end, according to data compiled by Bloomberg. In 2025, bond sales crossed the threshold in early November.
尽管利率较高，但借款人不得不推进交易，为“需要获得资金的资本项目”融资，MacKay Municipal Managers客户投资组合经理Eric Kazatsky表示。
Despite higher interest rates, borrowers have to proceed with deals to finance “capital projects that need to get funded,” said Eric Kazatsky, client portfolio manager at MacKay Municipal Managers.
考虑到市政债券近期的回报，Kazatsky认为这波债券发行热潮将受到市场欢迎。
That influx of bond sales will be well received given munis’ recent returns, according to Kazatsky.
彭博市政债券指数截至周四本月累计上涨2.8%，有望创下至少30年来最好的10月表现，也是自6月以来首个月度正收益。
The Bloomberg Municipal Bond Index is up 2.8% so far this month through Thursday, on track for the best October in at least 30 years and the first month of positive performance since June.