SACRAMENTO : State to Complete Debt Sale:

California will wind up its huge short-term borrowing program Wednesday, when it sells $3 billion in 11-month revenue anticipation notes, or RANs. Last Wednesday the state sold $4 billion in 21-month securities. The RANs are expected to yield 4% to 4.2%, free of state and federal income tax. Brokers report strong pre-offering demand from individual investors. The U.S. Treasury will also be a big borrower this week: It will sell $17.25 billion in two-year notes Tuesday and $11 billion in five-year notes Wednesday.