LOS ANGELES -- A South San Francisco redevelopment issue that failed to attract any bidders yesterday apparently illustrates a growing wariness toward certain borrowers affected by a real estate slowdown and California's general budget malaise, market participants said.

The city's redevelopment agency tried to sell $11 million of tax allocation bonds for its Gateway redevelopment project. But the deal, which was postponed earlier this fall to address certain underwriters' concerns, received no bids despite interest expressed prior to the sale.

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