L.A. Water Offers Debt as California Issuance Dips: Muni Credit
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Los Angeles’s water agency, which serves a population of more than 4 million, will price $311.6 million of revenue bonds today as municipal issuance in California drops to its lowest level since 2000.
Issuers sold about $15 billion of fixed-rate securities from Jan. 1 through yesterday, half the $30 billion of long-term debt sold in the state in the same period in 2008, before the Build America Bonds program, according to data compiled by Bloomberg. That’s the least municipal issuance from California entities since 2000, when the state and its municipalities sold $8.3 billion from January through the second week of August.