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California has narrowly averted a cash crisis after successfully raising $5bn in the credit markets, with most of the money coming from retail investors who answered a rallying call from Arnold Schwarzenegger. Full Article at Financial Times
Related Articles
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While the state needs to borrow a total of $7 billion for the fiscal year that ends June 30, California officials decided initially to try borrowing $4 billion this week given the recent Wall Street meltdown and worldwide credit crunch. Full Article at San Francisco Chronicle
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Investors have spoken: The Golden State is still golden. Full Article at Sacramento Bee
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LOS ANGELES, Oct. 16 (Xinhua) -- California has successfully sold 5 billion U.S. dollars of short-term bonds, ending earlier concerns that the state would run out of cash by the end of this month amid the current credit crunch, officials said... Full Article at Xinhua
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SACRAMENTO — Concerns that California would run out of money later this month ended today after the state successfully sold $5 billion of short-term bonds despite troubles in the credit market. Full Article at The San Jose Mercury News
Related Quotes
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The sale was a success in that the state raised the money it needed. They should be pleased, although they can’t be thrilled with the rates ... The muni market remains badly damaged despite California’s success in getting their deal placed.
SOURCE: Financial Times -
Compared with US Treasuries, the short-term notes were very attractive [to investors] ... The whole point was to broaden our investor base so we wouldn’t have to rely on large institutions to buy our bonds.
SOURCE: Financial Times -
The success of this deal far surpassed all expectations
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Why pay a broker? ... There's no fee with U.S. savings bonds, and I can buy those online.
– Mike Garcia SOURCE: Sacramento Bee
