More takers for IOU sale

First there were doubts about raising $4 billion on the sale of California short-term notes. Then, after a strong response on Tuesday and Thursday, the offering was boosted to $4.5 billion. Now, the final tally will be $5 billion. There’s just a lot of interest among investors, who are having a hard time knowing where to put their money. The state set the annualized tax-free interest rates on the notes at 3.75 percent for the seven-month issue and 4.25 percent for the eight-month issue. That sure beats treasuries. (Money & Co.)