California next week plans to sell $2.6 billion of bonds, the municipal market’s second-largest offering this year, and high demand from eager investors is likely despite the state’s ballooning budget deficit.
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The desire for tax-advantaged investments means California bond deals can sell at yields lower than AAA-rated benchmark muni securities. The Los Angeles County Metropolitan Transportation Authority sold $114 million of bonds this week with yields as much as 30 basis points below that benchmark, according to data compiled by Bloomberg.
“California’s tax revenues have been under pressure because the stock market’s been a little weaker and they derive a lot of their income taxes from capital gains,” said Christopher Lanouette, managing director at CIBC Private Wealth Group. “I suspect that if the economy does slow and they need to fill that gap, maybe there’s a potential that they raise taxes.”
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