SAN FRANCISCO, July 30 (Reuters) - California will sell $5.5 billion of revenue anticipation notes on Aug. 14 and Aug. 15, the state treasurer’s office said on Tuesday, nearly half the amount it borrowed for its short-term cash needs last year.
The amount on sale is also below January’s estimates of $7 billion. The sale includes a one-day order period for retail investors on Aug. 14, and the notes will price on Aug. 15 after institutional investors place orders, the office added.
In 2012, California sold RANs for $10 billion, and in 2011, for $5.4 billion.
Last year’s notes garnered an SP1-plus rating from Standard & Poor’s Ratings Service, its highest short-term rating. Fitch rated the notes F1.