Rock-Bottom Raw Deal

Finestone, Deborah
June 2003
Bond Buyer;6/12/2003, Vol. 344 Issue 31655, p1
Trade Publication
California priced $11 billion of revenue anticipation warrants on June 11, 2003 with an average interest cost of 1.13%, the lowest borrowing rate on one of the largest transactions of its kind in the state. The state received $38 billion in bids from 10 investment banks and other entities. The warrants carried an SP-1 rating by the credit rating company Standard & Poor's Corp. The ratings are based on forward warrant purchase agreements pledged to the state by seven investment banks.


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