The California State Teachers’ Retirement System sold more municipal debt for a new office building, with yields on some maturities lower than that on benchmark debt, despite the shift to remote work.
The public pension, the second biggest in the nation, offered $15.7 million in tax-exempt bonds Wednesday with yields ranging from 2.27% to 4.11% for a 4% coupon bond due in 2049, according to data compiled by Bloomberg. It was the fund’s second foray into the municipal market since it sold $272.6 million of tax-free debt in 2019 for the project.
