California said it will hold its second spring sale of $2 billion of general obligation bonds next week.
The state will sell $1.25 billion of new money bonds and $750 million of refunding debt, according to the treasurer's office.
The bonds will be sold to retail stating on April 10 and the following day it will be sold to institutions and final prices will be set.
The joint senior managers on the deal will be Bank of America Merrill Lynch and Morgan Stanley.
On Monday, the state finished the sale of $375 million of refunding tobacco securitization bonds. It sold 58% of the deal to retail.
"We're very satisfied with the results. Tobacco bonds haven't exactly been market darlings the past couple of years," said Tom Dresslar, spokesman for Treasurer Bill Lockyer.
During its GO sale last month, yields on over $2 billion of California GOs increased as much as 15 basis points from the retail scale when priced for institutions, despite a recent one notch upgrade to A by Standard & Poor's and a revised outlook to positive from stable by Fitch Ratings.
Retail investors ordered $795.4 million of tax-exempt bonds out of the state $2.47 billion sale - $2.16 billion of tax-exempt bonds and $364 million of taxable bonds.
