California Sale Pushes Munis Down, Lifts Yields Most Since June

California, which raised yields and scaled back its bond sale to $4.1 billion this week, led a surge in fixed-rate municipal issuance that drove benchmark rates higher by the most in almost four months... The Bond Buyer 20 index, which tracks 20-year general obligation bonds, jumped 12 basis points, or 0.12 percentage point, to 4.06 percent yesterday, after reaching a 42-year low last week.

State and local governments sold at least $6.3 billion of tax-exempt debt and $4.5 billion of taxable Build America Bonds and other securities... The total is the largest since Aug. 14, when $11.1 billion came to market...

Bloomberg: California Sale Pushes Munis Down, Lifts Yields Most Since June