California Treasurer Kathleen Brown has selected Morgan Guaranty Trust Co. to provide a standby purchase agreement for the variable-rate portion of the state's estimated $5 billion note sale, scheduled for July.

After a competitive process, the state last week tapped Morgan Guaranty, a subsidiary of J.P. Morgan & Co., as lead agent for a portion of the revenue anticipation note sale.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.