California has raised $2.7B in a general-obligation bond offering, selling $1.25B for capital...


California has raised $2.7B in a general-obligation bond offering, selling $1.25B for capital projects and $1.5B to refinance existing debt. The state took in $700M more than it initially intended to, although it had to raise the yield on 10-year paper to 2.37% from 2.33%, or 0.58 percentage point above the rate on benchmark 10-year munis.

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