Monday, April 13, 2009

CIRM Not Obsessing Over Bond Sales

The California stem cell agency apparently intends to proceed with plans to privately market state bonds, despite an expected influx of cash from a much larger sale later this month, according to a blog of Nature magazine.

Writing on The Niche, Monya Baker reported last week that CIRM is "moving ahead with plans" to sell bonds privately. She sourced her information to Don Gibbons, chief communications officer for CIRM.

Meanwhile Time magazine today carried a piece that is not going to make it any easier for CIRM or the state of California to market bonds.

The headline said, "Rising Risks in Muni Bonds Worry Investors." (Muni bonds refer to both state and local government bonds.)

The article said,

"A growing number of analysts and financial planners are raising doubts about the bonds of local and state governments."

But Baker reported that Gibbons said CIRM is not "obsessing over the bond sales." She quoted Gibbons as saying,

“The feeling here is that the money will come through for us when we need it. That someone will find a way.”

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