Continuing a four-year trend, lack of new money in the U.S. for transportation investments resulted in a 40% drop in new bonds issued from 2014 to 2015, according to the Bond Buyer. That was followed by another steep drop in transportation debt issued in the first four months this year, including both new bonds and refundings, which make up the bulk of the public finance banking business. In all, $9.8 billion in debt was issued so far this year vs. $14.4 billion last year. That 31% decline will steepened for new bonds when refundings are broken out later this year.