Texas Is Tip Of A Melting Muni Iceberg: Winkler

Bloomberg's Matt Winkler joins Scarlet Fu on "Bloomberg Real Yield." Borrowing costs for the state of Texas are higher than they are for California. The yield that investors demand on Texas bonds are, on average, point-3 percentage points higher than the Golden State. That adds up to as much as 3 million dollars annually for every 1 billion borrowed in Texas. (Source: Bloomberg)