The state of California sold $1 billion in notes to bridge a gap in the state’s cash flow.
Barclays Capital and JPMorgan Chase & Co. each bought $500 million of the supplemental revenue anticipation notes, which yield 0.2 percent and mature June 28.
“We’re pleased we’ve completed this part of the cash management solution. We believe we obtained a good deal for taxpayers” Tom Dresslar, spokesman for California Treasurer Bill Lockyer, said in a statement.
The transaction will help the state get through the 2011-2012 fiscal year, which ends June 30...
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