LOS ANGELES - California returns to market this week with a $1.3 billion general obligation issue that features keen market interest in pricing levels and the twist of longer maturities with a redemption option.

The state is emerging from a tumultuous summer that saw a fiscal 1993 budget approved two months late. California also remains gripped by a nagging recession, according to many indicators. With such challenges as a backdrop, California is entering the market Wednesday with a massive competitive sale, largely for school construction, that will test both investor appetite and pricing levels.

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