Latest / Logosofia no Dia a Dia
How Cities Borrow Money: US Bonds vs Denmark vs Israel
Most people's eyes glaze over at "municipal finance," but the question of how a city gets credit turns out to be one of the sharpest windows into how a country is governed. The US runs 50,000 independent issuers and a $4.4 trillion retail bond market with a near-zero default rate. Denmark runs a single municipally-owned lender, KommuneKredit, whose liabilities are jointly and severally guaranteed by every Danish municipality — giving all of them sovereign-grade rates in exchange for strict permission rules. Israel runs a third model entirely: 257 authorities, budgets approved by the Ministry…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.