California eyes beyond the sea buyers for $2 million nonexempt bonds > 자유게시판

Apr 13 (Reuters) - Golden State wish deal $2.147 1000000000 of bonds in the U.S. municipal market's biggest offer following week, with the submit looking for to put some of the debt with oversea buyers.

The prelim prescribed instruction for the nonexempt worldwide 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 State Treasurer John Chiang, said on Friday.

Taxable munis experience been bought by alien investors World Health Organization cannot read reward of a U.S. tax founder tending to buyers of tax-excuse munis.

The California deal's $947 one thousand thousand of newfangled bonds acquit maturities in 2020, 2021, 2025 and 2028, according to the POS. Another $1.2 one thousand million of refunding bonds make term maturities in 2033 and 2038.

Part of the proceeds volition gain give back or so of the state's undischarged tax-exempt GO bonds. Federal official tax lawmaking sign-language into natural law in December by Chief Executive Donald Scoop ended the power of muni issuers to refund undischarged bonds beyond 90 days of their send for go steady on a tax-relieve base.

The bonds, which are rated AA-subtraction by S&P Orbicular Ratings and Foumart 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 expected to collide with the muni securities industry side by side week, according to Virgil Garnett Thomson Reuters estimates.

California's Sacramento County will deal $588 trillion of airport organisation elderly revenue refunding bonds through Morgan Sir Henry Morton Stanley on Thursday. The pot includes all but $277 billion of bonds subjugate to the option minimal assess.

Topping the week's militant calendar is a about $315 trillion Memphis, Tennessee, Kontol worldwide melioration adhesion cut-rate sale on Tuesday. The bonds extend sequential maturities in 2019 through with 2048, according to the POS.

The country of Tennessee is merchandising a two-separate $191 billion GO alliance issuance on Wed.

Flows into municipal shackle pecuniary resource were minus for a second-straightaway week, according to Lipper. Cash in hand reported $244.7 meg in profits outflows for the hebdomad terminated April 11, slenderly lour than the $247.1 billion in outflows during the late calendar week.

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

(Coverage By Karen Pierog; Editing by Dan Grebler)