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New York Beats California in Sales for First Time: Muni Credit

New York is set to topple California from its two-decade reign as the biggest borrower in the $3.7 trillion municipal bond market.

Wall Street’s home state and its local governments are on a pace to sell more debt than their California counterparts for an unprecedented second straight year, according to Citigroup Inc. data starting in 1991. The relative shortage of securities from the most-populous state is fueling gains that are beating the rest of the tax-exempt market.