California eyes abroad buyers for $2 million nonexempt bonds > 자유게시판

April 13 (Reuters) - Golden State will betray $2.147 one million million of bonds in the U.S. municipal market's biggest oblation next week, with the country looking to stead or so of the debt with abroad buyers.

The prelim prescribed assertion for the taxable superior general obligation bonds includes advisories for countries in Europe and Asia.

"The state has included language in the POS to allow for international investor participation," Marc Lifsher, spokesman for California Submit Financial officer Can Chiang, said on Friday.

Taxable munis possess been bought by foreign investors who cannot read reward of a U.S. tax shift granted to buyers of tax-relieve munis.

The California deal's $947 million of freshly bonds hold maturities in 2020, 2021, 2025 and 2028, according to the POS. Some other $1.2 billion of refunding bonds suffer term maturities in 2033 and Hadits islam 2038.

Part of the takings leave make headway refund about of the state's spectacular tax-let off GO bonds. Federal task statute law gestural into police force in December by President of the United States Donald Horn concluded the power of muni issuers to return owing bonds on the far side 90 days of their send for engagement on a tax-relieve groundwork.

The bonds, which are rated AA-minus by S&P World Ratings and Fitch Ratings and Aa3 by Moody's Investors Service, are scheduled to be priced through and through J.P. Morgan Securities on Tuesday.

Overall, $7.66 1000000000000 of bonds and notes are likely to strike the muni securities industry next week, according to Sir George Paget Thomson Reuters estimates.

California's Sacramento County bequeath trade $588 one thousand thousand of airport system senior receipts refunding bonds through with Morgan Stanley on Thursday. The parcel out includes near $277 million of bonds topic to the alternate minimum assess.

Topping the week's militant calendar is a almost $315 one thousand thousand Memphis, Tennessee, oecumenical improvement hold fast cut-rate sale on Tuesday. The bonds persuade series maturities in 2019 through 2048, according to the POS.

The put forward of Volunteer State is selling a two-portion $191 one thousand thousand GO Bond takings on Wednesday.

Flows into gathering Bond pecuniary resource were negative for a second-square week, according to Lipper. Cash in hand reported $244.7 jillion in net outflows for the hebdomad all over April 11, slightly bring down than the $247.1 meg in outflows during the former workweek.

April outflows are typically attributed to investors cashing in muni investments to remuneration their taxes.

(Reportage By Karen Pierog; Redaction by Dan Grebler)