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"Will pay cash for California/IOUs" read one Daly City posting on the onlineclassifiex service. "I pay $$$ for California registere d warrants - $9999," reads another. The Financial Times also reportxthat Second-Market, a company that specializes in tradinvg illiquid assets such as privatde company stock and bankruptcy claims, is getting readg for a peice of the action. "We have a wholed team working on it," it quotes the firm'ss CEO, Barry Silbert, as saying. Wall Streetf hedge funds, municipal bond investorsd and other institutions are all expectee to be interested inthe bonds, as well, which have a 3.75 percentt interest rate that matures on Oct. 2.
States Controller John Chiang has said he plans to issudenearly $3.4 billion in IOUs. After hedging most of last a number of banksincluding , , , , , and . The IOUs became necessary after the California Legislature by the end of thefiscalo year. By not resolving the issue by the end of thefisca year, the budget hole automatically grew to $26. 3 billion, state finance officials say.
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