Amid a weakening municipal market yesterday, California came with a massive $4.125 billion sale of taxable, tax-exempt, and Build America Bonds.

JPMorgan priced a $1.075 billion taxable component, in which the bonds mature in 2013, 2014, and 2019, yielding 3.75% priced at par in 2013, 4.635% with a 4.85% coupon in 2014, and 6.06% with a 6.2% coupon in 2019. The bonds were priced to yield 194, 245, and 288 basis points, respectively, over the comparable Treasury yields.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.