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California’s 20-Year Revenue Bonds for Prisons Sell for 5.34%

California sold $490.4 million of tax-exempt bonds to finance prison construction, with yields 0.29 percentage point less than similar debt offered last year.

The most-indebted U.S. state offered the lease-revenue bonds with yields ranging from 1.25 percent on two-year securities to 5.34 percent for debt maturing in 2031, Treasurer Bill Lockyer said yesterday in a statement.

When California sold $450 million of similar public works lease-revenue bonds in March 2010, 20-year bonds were priced to yield 5.63 percent.

Lockyer is selling $2 billion of general-obligation bonds Oct. 19, the second such offering since Sept. 20. The state had suspended sales earlier in the year to curb borrowing costs as lawmakers worked to complete the budget.

Individual investors ordered 29 percent of the lease-revenue bonds, according to Lockyer’s office.

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