California Readies $1 Billion Variable--Rate GO Deal

Saskal, Rich
October 2004
Bond Buyer;10/20/2004, Vol. 350 Issue 31993, p3
Trade Publication
The article reports that California dips into the variable-rate market with a $1 billion general-obligation bond deal. The deal, with Goldman, Sachs & Co. comes in two series, a $600 million Series 2004A and $400 million Series 2004B, with variable-rate demand obligations in daily and weekly modes, all backed with letters of credit. The state's ability to issue variable-rate debt appears to have been eased by the renewed liquidity California enjoyed following the authorization and issuance of deficit bonds earlier this year, issued in late 2003.


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