The Port Authority of New York & New Jersey made a deal on an $850 million taxable bond sale to finance the rebuilding of the World Trade Center today, the largest deal of its kind this week. States and local governments are poised to sell about $11 billion in debt this week, with about $4.8 billion classified as taxable, the highest amount since April 2009, according to data compiled by Bloomberg News. The Port Authority, which reduced its 10-year capital spending plan by 17 percent, is targeting international investors to boost demand for its debt, said Howard Cure, director of municipal research at Evercore Wealth Management. “They’re deliberately marketing overseas because they’re trying to convince investors that their debt is nearly as safe as Treasuries but the yield is better,” Cure said. “There’s still a high demand for U.S. securities.” [Bloomberg]