SAN FRANCISCO — Retail investors gobbled up nearly two-thirds of California’s $1.55 billion general obligation bond sale over two days, tightening yield spreads in search of better returns and relief ahead of a potential tax hike in November.

The state sold more than $1 billion to retail investors, or more than 65.8%, on Friday and Monday, according to the State Treasurer’s Office, tightening spreads significantly compared with its spring sale.

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