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| BondsOnline.com: instant access to and extensive coverage of over 3.5 million stocks, bonds, indexes and other securities covering major and emerging markets and exchanges across the globe. |
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| Bonds Online |
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| 5/10/2013Market Performance |
| Municipal Bonds |
|---|
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S&P National Bond Index
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3.00% |
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S&P California Bond Index
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2.96% |
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S&P New York Bond Index
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3.13% |
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S&P National 0-5 Year Municipal Bond Index
|
0.70% |
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| S&P/BGCantor US Treasury Bond |
400.09 |
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| More |
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| Income Equities: |
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| Preferred Stocks |
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S&P U.S. Preferred Stock Index
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848.03 |
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S&P U.S. Preferred Stock Index (CAD)
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636.26 |
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S&P U.S. Preferred Stock Index (TR)
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1,701.05 |
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S&P U.S. Preferred Stock Index (TR) (CAD)
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1,276.26 |
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| REITs |
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S&P REIT Index
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174.07 |
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S&P REIT Index (TR)
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425.30 |
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| MLPs |
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S&P MLP Index
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2,469.58 |
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S&P MLP Index (TR)
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5,428.50 |
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See Data
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California Taxes Fall Short of November Target by $439 Million |
Bloomberg - Dec. 16, 2009 - By Michael B. Marois
California’s finances resumed a decline in November, adding to the state’s resurgent deficit as Governor Arnold Schwarzenegger readies a spending plan that will need to erase a $21 billion gap.
California, the most populous U.S. state and the largest municipal bond issuer, collected $439 million less revenue in November than what was estimated in July, Schwarzenegger’s Department of finance said yesterday in a report. The decline leaves revenue $1 billion behind projections halfway through the fiscal year.
Schwarzenegger is due to release his budget for the coming fiscal year in January. California Legislative Analyst Mac Taylor said in November the state will face a deficit of $14.4 billion beginning in July. That’s in addition to a $6.3 billion gap opening up in the current year as several projections within the budget falter or miss revenue projections.
“In many respects, the steps to close next year’s budget gap will be even more difficult and more challenging than what we’ve just had to do this year,” Department of Finance spokesman H.D. Palmer said yesterday.
California has been among the most affected by the recession as a wave of home foreclosures, rising unemployment and the 2008 stock market tumble dissipated expected tax receipts. From February through July, lawmakers worked to close a record $60 billion deficit with spending cuts, temporary tax increases and other one-time fixes. The unemployment rate rose to 12.5 percent in October from 8 percent the year before and 4.8 percent in July 2006.
November Receipts
In November, income tax revenue was $257 million below estimates and sales tax receipts were $187 million less than projection for the 12-month period that began July 1, the Department of Finance said. Revenue came in $363 million above plan in October and $810 million below in September, according to the Department of Finance.
California Controller John Chiang said on Dec. 10 that collections for November were almost in line with forecasts in the budget adopted in July. Chiang and Schwarzenegger’s projections differ because some October sales tax revenue typically is recorded by the controller in November because of a normal lag time at the end of the month, Palmer said.
California’s general obligation bonds are rated Baa1 by Moody’s Investors Service, which cut them in July to three grades above non-investment grade. Standard & Poor’s cut the state’s bonds to A, five levels above junk, in February.
Tax-exempt, 6 percent bonds that California sold in April and due April 2038 traded yesterday at a price to yield 5.75 percent, compared with about 4.66 percent on Oct. 6, according to data reported to the Municipal Securities Rulemaking Board.
To contact the reporter on this story: Michael B. Marois in Sacramento at mmarois@bloomberg.net.
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