The Neverending Story

Finestone, Deborah
April 2003
Bond Buyer;4/15/2003, Vol. 344 Issue 31615, p1
Trade Publication
Institutional investors in California feel that the lack of progress in solving the state's budget shortfall will keep yields high on the impending note and bond sales in the state. The budget shortfall has been estimated to be around $38 billion. Also, the investors are more concerned with the political risks than economic weakness. The state plans to sell nearly $8 billion of general obligation bonds in 2003 and up to $12 billion of revenue anticipation warrants in June 2003 to meet cash flow needs. Despite the state's poor credit situation, investors know the state will not default. Investors also know that the state has billions of dollars in authorized but unissued bonds and at least two multibillion dollar bond measures for 2004.


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