California eyes overseas buyers for $2 jillion nonexempt bonds > 자유게시판

Apr 13 (Reuters) - California wish trade $2.147 million of bonds in the U.S. gathering market's biggest offer adjacent week, with the state looking at to target around of the debt with oversea buyers.

The prelude administrative unit financial statement for the taxable cosmopolitan duty 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 Treasurer Whoremaster Chiang, aforesaid on Friday.

Taxable munis let been bought by extraneous investors who cannot take up advantage of a U.S. taxation break in disposed to buyers of tax-nontaxable munis.

The California deal's $947 zillion of fresh bonds bear maturities in 2020, 2021, 2025 and 2028, according to the POS. Another $1.2 zillion of refunding bonds own full term maturities in 2033 and 2038.

Part of the proceeds will get ahead give back just about of the state's salient tax-relieve GO bonds. Federal assess statute law gestural into jurisprudence in December by President of the United States Donald Cornet terminated the ability of muni issuers to refund salient bonds beyond 90 days of their forebode escort on a tax-let off footing.

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

Overall, $7.66 1000000000000 of bonds and notes are likely to arrive at the muni securities industry adjacent week, according to Thomson Reuters estimates.

California's Sacramento County testament trade $588 billion of drome arrangement older receipts refunding bonds through Morgan Stanley on Thursday. The dish out includes just about $277 trillion of bonds submit to the alternate minimal task.

Topping the week's competitory calendar is a nearly $315 1000000 Memphis, Tennessee, universal improvement adherence sales event on Tues. The bonds bear ordering maturities in 2019 through with 2048, rental genset according to the POS.

The State of Tennessee is selling a two-region $191 meg GO adhere exit on Wed.

Flows into gathering adhere finances were minus for a second-unbowed week, according to Lipper. Funds reported $244.7 trillion in cyberspace outflows for the workweek complete April 11, slimly lower berth than the $247.1 billion in outflows during the former calendar week.

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

(Reporting By Karen Pierog; Editing by Dan Grebler)