JPMorgan, Wells Fargo to Manage California Note Sale
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California will borrow an estimated $10 billion from Wall Street the week of Aug. 13, money the most indebted U.S. state will use to pay its bills for the rest of the year, Treasurer Bill Lockyer said.
Lockyer’s office will first offer the revenue anticipation notes to individual investors for two days beginning Aug. 14, said his spokeman Tom Dresslar. The state will complete the sale Aug. 16 when institutions such as money-market funds can order.