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CA $4 billion Revenue Anticipation Notes
Old 10-14-2008, 12:14 PM   #1
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CA $4 billion Revenue Anticipation Notes

Anybody buying?

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Old 10-14-2008, 12:16 PM   #2
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"Revenue Anticipation Notes"?

How is that different than an IOU?
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Old 10-14-2008, 01:52 PM   #3
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Quote:
Originally Posted by ziggy29 View Post
"Revenue Anticipation Notes"?

How is that different than an IOU?
Isn't that long for "RAN", or: "the govt took my money and RAN away"??
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Old 10-14-2008, 02:47 PM   #4
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What's the yield? I think it's as safe as anything but a T-bill nowadays.
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Old 10-14-2008, 02:52 PM   #5
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3.75% for 05/22/09
4.25% for 06/22/09


Risk/Reward?

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Old 10-14-2008, 04:50 PM   #6
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I was told that Harris County Tx has used Revenue Anticipation Notes for years. At the start of each year they float the notes at some rediculous small interest rate. They actually made money on the investment, then when the tax revenues come in the note is paid off and it starts over again.
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Old 10-14-2008, 05:13 PM   #7
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Curious: how are these different from GO bonds?
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Old 10-14-2008, 05:20 PM   #8
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"If the notes are to be paid from specific taxes due in the near future, they usually are called tax anticipation notes (TANs); if from anticipated intergovernmental revenue, they are called revenue anticipation notes (RANs). If the notes are to be paid from long-term borrowing (e.g., bonds), they are called bond anticipation notes (BANs). Tax anticipation notes and revenue anticipation notes are often grouped together and referred to as tax and revenue anticipation notes (TRANs)."


Found this from an online source. TRAN's are hooked to a specific TAX i.e. I believe Harris County's are tied to the property tax for the coming year. Where Bonds are usually long term and not tied to a specific tax. To the investor I am not sure if there is a difference. I don't know if TRAN's have a tax advantage that bonds do.
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Old 10-14-2008, 05:45 PM   #9
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They sold 1.5B today.
Early bond offering sells $1.5B Tuesday - Sacramento Business Journal:

We need bond experts on this board to give us some ideas?

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