California Sells $550 Million Tax-Exempt Debt to JPMorgan Chase

 

California sold $549.8 million of bonds today in its largest tax-exempt competitive issue since 2007.

JPMorgan Chase & Co. was the winning bidder on the deal, data compiled by Bloomberg show. The most-populous state sold a 10-year maturity to yield 2.14 percent, according to three people familiar with the deal.

That interest rate is 0.44 percentage point more than a benchmark index of munis, data compiled by Bloomberg show. The yield spread shrank from 0.68 percentage point when the state issued 10-year bonds on Sept. 24 in a negotiated deal, and is the slimmest for the state’s bonds in four years, Bloomberg data show.

Read on.

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