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

Build America Bonds, the taxable asset that offers issuers a 35% direct interest payment from the federal government, are on track to reach $100 billion of total issuance in the coming weeks, according to Thomson Reuters.

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