Heavy demand for CA munis

Boy, for a state that's supposedly on the verge of implosion (at least according to some of the financial bloggers), individual investors have been snapping up California's tax-free bond offering. As of Wednesday morning, orders had been received for two-thirds of the $2-billion sale. That's a much better showing than for the bond offering last October. In fact, some of the maturities are oversubscribed. Yields have not been announced - and if demand continues to be strong, they might turn out to be smaller than expected. (LAT)