By setting up municipal sales desks in foreign offices 10 years ago, top-ranked underwriter Citi had a head start in selling taxable munis to foreign investors, which turned out to be a major boon once Build America Bonds were introduced last year.

Issuance of BABs, the taxable asset that offers issuers a 35% direct interest payment from the federal government, is on track to reach $100 billion in the coming weeks, according to Thomson Reuters.

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