re: States with less people than DFW

Private is the word I have issue with. There is nothing private about NTTA.

They don’t issue corporate bonds, they issue government bonds, which carry a substantially lower risk profile than a corporate bond would, thus paying lower returns to institutional investors who see it as a safety hedge in a portfolio with guaranteed return. It is the same exact structure used to sell all infrastructure bonds. The fact that institutional investors can and do buy the bonds doesn’t make it a private enterprise nor does it make them a true investor in it as a private entity—doing so gives them no rights in the enterprise and how it operates.