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Tuesday, November 03, 2009
California Sells $908 Million In Taxable Bonds
By Deborah Levine
MarketWatch Pulse
NEW YORK -- California sold $908 million in taxable bonds on Tuesday, under a federal program where the government subsidizes the extra interest a municipality pays to issue taxable debt instead of the more traditionally tax-exempt bonds. California's 3-year Build America Bonds carried a yield of 7.263% for investors, according to the California treasurer's office. After the federal subsidy, the net yield for the state was 4.74%. The state is the lowest rated in the nation.
Copyright © 2009 MarketWatch, Inc.
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