Posted on 03/04/2004 12:00:16 PM PST by NormsRevenge
Edited on 04/12/2004 6:06:51 PM PDT by Jim Robinson. [history]
Investment banks are poised to make a killing off California's fiscal crisis after voters Tuesday approved an unprecedented plan to sell $15 billion in deficit bonds.
The bond offering - which will be the largest issuance of municipal bonds in U.S. history - was put before voters by Gov. Arnold Schwarzenegger and the Legislature in part to cover a multibillion-dollar budget gap with debt to be paid back over the next decade.
(Excerpt) Read more at sacbee.com ...
Reuters 03.04.04, 5:51 PM ET
SAN FRANCISCO, March 4 (Reuters) - California Treasurer Phil Angelides on Thursday named Lehman Brothers (nyse: LEH - news - people) as the lead banker, or senior book-running manager, for the initial phase of a $15 billion bond approved by state voters earlier this week.
Nine other investment banks will serve as co-senior managers for the bond sale, the biggest municipal bond sale in U.S. history, according to a statement from Angelides' office.
The co-senior managers are Banc of America Securities LLC, Bear, Stearns & Co., Citigroup Global Markets Inc., E.J. De La Rosa & Co. Inc., Goldman, Sachs & Co., J.P. Morgan Securities Inc., Merrill Lynch & Co., Morgan Stanley & Co. Inc. and UBS Financial Services Inc.
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