LOS ANGELES -- The California treasurer's office yesterday postponed a $353.5 million refunding bond issue by the Regents of the University of California after some institutional investors complained that they had not expected the old bonds to be called until later this decade.

Market participants said wording in the official statement for a 1989 refinancing of the debt indicated that the regents did not intend to call the bonds before 1999, but the documents also state that the officials could redeem the bonds earlier if they chose to.

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