Far West in a nutshell: low rates outweigh viral uncertainty

The California State Treasurer’s Office sold a higher percentage of new money bonds in 2020 than in 2019, when about two-thirds of its volume was refunding. “That is a trend I expect you will continue to see, with us doing less and less refunding going forward,” said Tim Schaefer, deputy treasurer for public finance. “We have mostly picked off the low-hanging fruit.”

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