A magnetically enhanced coaxial cable of the type having a center conductor, a dielectric spacer around the center conductor and a conductive shield around the dielectric spacer, said magnetic enhancement comprising a thin layer of circumferentially oriented uniaxial anisotrophic magnetic material having high conductivity and high permeability adapted to transmit wave energy and conventional current without being switched or reoriented. The magnetic enhancement provides an increase inductance and current carrying capacity without corresponding increases in time delay and other losses associated with magnetic loading.