In coaxial cables and other transmission lines, the signal
voltage drop per unit length is given by the inductance L per unit length, and the current by the shunt capacitance C per unit length. The net result is given by the so-called telegraph equations. See
http://www.ipm.virginia.edu/process/...4/chapter3.pdf
The signal has a characteristic
impedance Z = sqrt(L/C) and a velocity v= 1/sqrt(LC), which is typically 0.66 to 0.9 times the speed of light. In a coaxial cable, the B field is azimuthal (as you point out), and is confined to the space between the conductors, as is the radial electric field.
[added] Note that although both L and C are reactive impedances, their product and ratio are both real. So both Z = sqrt(L/C) and velocity = 1/sqrt(LC) are real.
Bob S.