October 25, 2010


California this week will kick off a series of multibillion-dollar short- and long-term financings, including its second-largest note sale ever, to enable the cash-starved state to pay off creditors and borrow money for other purposes.

The state, which enacted a budget 100 days late on Oct. 8, next week will negotiate a $6 billion to $7 billion bridge loan with banks including J.P. Morgan Chase & Co., a spokesman for Treasurer Bill Lockyer told Dow Jones Newswires.