BANKING & FINANCE - Aug. 7, 1991

First Capital Sells Junk Bonds: First Capital Life Insurance Co. has sold about $100 million of junk bonds as part of an effort to raise cash in anticipation of emerging from a state conservatorship later this year. The company, a unit of Los Angeles-based First Capital Holdings Inc., said it sold the high-yield, high-risk bonds last week. Fred Buck, president of First Capital Life, said the company believed that now was a good time to sell the bonds. He also said the insurer wanted to increase liquidity before emerging from conservatorship, which could happen by October.