Underwriters reported an unsold balance of $171 million from $1.3 billion California bonds sold yesterday, but the size of the deal depressed secondary prices 1/4 point.

A group led by Merril Lynch & Co. won the issue with a true interest cost of 5.9259%.

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.