Another strong bond sale

This time, it's a $2-billion offering from the California Department of Water Resources. About half of the offering is gone, with sales to continue tomorrow and Wednesday. Preliminary tax-free yields range from 0.94 percent on two-year bonds to 3.80 percent on bonds maturing in 2022. That's a bit lower than recent California bond offerings, perhaps because ratings this time are a little higher. The bonds are being used to refinance debt issued during the state's power crisis in 2001 and 2002. (LAT)