California Munis

[HereWeGo]

General Obligation bonds (GOs) trading at yields of 5%+.

CUSIP 13063AQ49: Matures 4/18, non-callable, 5% coupon, trading at PAR or slightly below (I see a couple of 98 handles from yesterday.)

I doubt that inflation fears are the problem here. Yikes.

[oxfordrick]

Trading up the last 3 weeks, last trade reported at
109.75. The worse the news, the higher the demand.

http://www.emma.msrb.org

30 year GOs also bid up about 12% this year, currently yielding 5.25%.

[oxfordrick]

Trading up the last 3 weeks, last trade reported at
109.75. The worse the news, the higher the demand.

http://www.emma.msrb.org

30 year GOs also bid up about 12% this year, currently yielding 5.25%.

[oxfordrick]

Trading up the last 3 weeks, last trade reported at
109.75. The worse the news, the higher the demand.

http://www.emma.msrb.org

30 year GOs also bid up about 12% this year, currently yielding 5.25%.

[oxfordrick]

Trading up the last 3 weeks, last trade reported at
109.75. The worse the news, the higher the demand.

http://www.emma.msrb.org

30 year GOs also bid up about 12% this year, currently yielding 5.25%.

[oxfordrick]

Trading up the last 3 weeks, last trade reported at
109.75. The worse the news, the higher the demand.

http://www.emma.msrb.org

30 year GOs also bid up about 12% this year, currently yielding 5.25%.

[HereWeGo]

Given the current budget crisis, those trades seem exceptionally irrational. California is talking about paying debts in IOUs, for goodness sakes.

[HereWeGo]

Given the current budget crisis, those trades seem exceptionally irrational. California is talking about paying debts in IOUs, for goodness sakes.

[HereWeGo]

Given the current budget crisis, those trades seem exceptionally irrational. California is talking about paying debts in IOUs, for goodness sakes.

[HereWeGo]

Given the current budget crisis, those trades seem exceptionally irrational. California is talking about paying debts in IOUs, for goodness sakes.

[HereWeGo]

Given the current budget crisis, those trades seem exceptionally irrational. California is talking about paying debts in IOUs, for goodness sakes.

[oxfordrick]

Current trading sentiment is that President Obama is not going to start his Presidency with a default of the largest State.

Note that at 5.25% long Cal General Obligation bonds yield 180% of comparable treasuries. That’s
pretty irrational too!

[oxfordrick]

Current trading sentiment is that President Obama is not going to start his Presidency with a default of the largest State.

Note that at 5.25% long Cal General Obligation bonds yield 180% of comparable treasuries. That’s
pretty irrational too!

[oxfordrick]

Current trading sentiment is that President Obama is not going to start his Presidency with a default of the largest State.

Note that at 5.25% long Cal General Obligation bonds yield 180% of comparable treasuries. That’s
pretty irrational too!

[oxfordrick]

Current trading sentiment is that President Obama is not going to start his Presidency with a default of the largest State.

Note that at 5.25% long Cal General Obligation bonds yield 180% of comparable treasuries. That’s
pretty irrational too!

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