California approves $15bn bond lifeline

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In early March, voters in California approved a $15 billion municipal bond offering, the largest municipal issue ever, to help the state shore up its troubled finances.

Details of the sale are expected to be finalized in April, with the bonds being rated in May. The deal is considered too large to bring to market all at once, so the state plans to break it up into smaller-sized issues. California’s treasurer, Phil Angelides, says the state plans to begin with a minimum $6 billion offering tha

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