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California debt binge shakes up muni bond market
The municipal bond market’s message to California: Enough with the borrowing already!
Over the last seven weeks the state has sold more than $21 billion of short- and long-term debt for budget-related reasons and to finance voter-approved infrastructure projects.
That flood — in a period when muni bond yields nationwide already were rebounding after diving in summer — has helped to boost yields more than they might otherwise have risen, some analysts assert. More here at the LA TIMES.
The most recent muni bond offering this past Tuesday by California was priced to pay 4% for a 4 year maturity, up from the prior offering a few weeks ago of 2.48%.
Not bad for a tax free investment. Worth a look!
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