SELECT INTO question

In a SELECT INTO, is the whole query executed before doing the INTO.?
eg.
if I say:

"SELECT 'X' INTO :sql_dummy FROM tbl WHERE fld_1 like 'A%'",
would

"SELECT 'X' FROM tbl WHERE fld1 like 'A%'"
execute first, returning potentially a lot of rows; or the presence of INTO causes the query to be executed till a single row is returned and if there are more rows the error is set, but the query aborts?

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*                          Saad Ahmad                        *
*                          E-Mail: sahmad_at_mfa.com            *
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