Investors in today’s high-yield municipal bond market have the luxury of being picky. Buyers have shied away from some recent offerings, such as one from QCF/I, Inc., a Houston-based nonprofit that shelved a debt sale earlier this month. Other borrowers have also faced pushback as the extra yield investors typically expect to get paid is whittled away.

The article was reported by Nic Querolo and Aashna Shah. A Brightline train in Miami was photographed by Eva Marie Uzcategui/Bloomberg.