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California May Sell $7.5 Billion in Debt, Lockyer Says

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Oct. 17 (Bloomberg) -- California, the most indebted U.S. state, may sell $7.5 billion of bonds in the next fiscal year, Treasurer Bill Lockyer said, 42 percent more than the current year.

About $5.27 billion of the securities would be general-obligation bonds and the rest lease-revenue debt, Lockyer said today at a Bond Buyer conference in San Francisco. For the present fiscal year that began July 1, Lockyer has said he expects to offer $5.25 billion. He’s already sold $1.174 billion of that total.

The amount of debt sold in the next fiscal year must still be approved in the budget that Governor Jerry Brown will propose in January.

A California bond maturing in 10 years traded yesterday at an average yield of 2.289 percent, or 64 basis points more than top rated bonds, according to Bloomberg data. That’s down from 68 basis points when the bonds were sold in September.

To contact the reporters on this story: Michael B. Marois in Sacramento at mmarois@bloomberg.net; Alison Vekshin in San Francisco at avekshin@bloomberg.net

To contact the editor responsible for this story: Stephen Merelman at smerelman@bloomberg.net

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