California sells $6.85 bln in infrastructure bonds
By Laura Mandaro
Last update: 2:12 p.m. EDT April 22, 2009
SAN FRANCISCO (MarketWatch) -- California sold $6.85 billion in general obligation bonds Wednesday, including $5.23 billion in federally subsidized Build America Bonds, its state treasurer's office said Wednesday. The bond sale was expanded from original plans of about $3 billion, and the Build America portion is the largest under that federal program to date. All of the bonds in the deal were taxable, a change from most municipal issues. The U.S. is subsidizing interest payments on the Build America Bonds to help states sell taxable infrastructure bonds to a different group of investors without paying more interest. With the subsidy, the Build America Bonds carry a rate of 4.83%. All are in 25-year and 30-year maturities.
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