California Begins $2.6 Billion Bond Sale After S&P Rating Boost
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California began selling about $2.6 billion in general-obligation bonds to individual investors, in the state’s first debt offer since it was upgraded by Standard & Poor’s in January.
The issue includes a 10-year tax-exempt portion that is being marketed at a 2.54 percent yield, according to three people familiar with the deal who declined to be named because the prices aren’t final. That interest rate is about 0.7 percentage point above a Bloomberg Valuation index of AAA munis.