California Increases Bond Sale to $2.7 Billion on Demand
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California increased its general-obligation bond offering by more than a third, to $2.7 billion from $2 billion, as demand for the securities surged after yields on some maturities were raised.
The most-indebted state sold $1.25 billion for capital projects and about $1.5 billion to refinance existing debt, up from $802 million offered yesterday, according to Treasurer Bill Lockyer’s office. Individual buyers ordered 72 percent of the bonds available to them, said Tom Dresslar, a spokesman.