SAN FRANCISCO — California’s big underwriters make markets in credit default swaps on the biggest municipal issuer’s general obligation bonds, but they don’t seem to be betting against the state.

That’s the conclusion an investigation by California Treasurer Bill Lockyer into the emerging municipal CDS market. Lockyer last month demanded that six big banks — which collected a total of $215 million in underwriting fees from the state since 2007 — explain their participation in the market for California CDS and its impact on the state’s borrowing costs.

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