Nearly $1.2 billion of new deals saw mixes results yesterday, while secondary prices turned in a similar performance, despite a rally in the government sector.

Municipal traders reported selling most of the session.

Activity was moderate because market players have refused to make markets after the bid-side weakened considerably, reflecting a widespread reluctance to own bonds.

By session's end, some dollar bonds posted gains of 1/8 to 1/4 point, but traders said most bonds were down 1/4 to 3/8 point.

Intermediate high-grade bond yields were said to be five basis points higher on the day.

In the debt futures market, the December municipal contract settled unchanged on the day at 92.09, losing some modest gains posted earlier in the session. The December MOB spread widened to negative 307 from negative 293 Monday, a record for the December MOB.

Supply continued to depress prices, and the tone was described by many as "dismal."

"Buyers are extremely selective," one trader said. "People who bought bonds from new deals have watched them get cheaper day after day. After awhile, buyers and the Street get cautions. The bid side is very weak."

The Bond Buyer calculated 30-day visible supply at $8.61 billion. The Blue List rose $42.2 million, to $1.9 billion, reflecting growing dealer inventories.

The last time The Blue List was that high was March 19, when it hit $1.96 billion. On March 17, it hit $2.13 billion, a high for the year to date.

New Issues

A syndicate led by Lehman Brothers as senior manager priced and repriced $500 million of Los Angeles County Transportation Commission Proposition C sales tax revenue bonds and second senior bonds.

At the repricing, some serial bond yields were lowered from three to 10 basis points.

The final reoffering included serial bonds priced to yield from 3.75% in 1994 to 6.57% in 2007. A 2009 term was priced as 6 5/8s, to yield 6.65%; a 2013 term was priced as 6 1/4s, to yield 6.67%; a 2019 term, containing $148 million of the loan, was priced as 6 3/4s to yield 6.875%; a 2020 term, was priced as 6 1/2s to yield 6.85%; and a 2023 term, containing $104 million of the loan, was priced as 6s, to yield 6.68%.

The bulk of the issue is rated A1 by Moody's Investors Service and A-plus by Standard & Poor's Corp. The 1994 through 2002, 2005, 2009, 2013 and 2023 maturities are insured by the Municipal Bond Investors Assurance Corp. and triple-A rated by both agencies.

In other action, Donaldson, Lufkin & Jenrette Securities Corp. priced and repriced $169 million New Jersey Sports and Exposition Authority convention center luxury tax bonds.

At the repricing, yields were lowered 10 basis points in 1993 and 1994. Term bond yields in 2012 were raised by three basis points and by four basis points in 2022.

The offering included serial bonds priced to yield from 2.90% in 1993 to 6.40% in 2007. A 2012 term was priced as 6s, to yield 6.55%; a 2013 term was priced as 6s, to yield 6.59%; a 2015 term was priced as 6.60s, to yield 6.63%; a 2020 term was priced as 6 1/4s, to yield 6.63%; and a 2022 term was priced as 5 1/2s, to yield 6.60%.

The issue is MBIA-insured and triple-A rated by Moody's and Standard & Poor's.

Lazard Freres & Co. tentatively priced $164 million Fulton County, Ga., water and sewerage revenue and refunding bonds.

The offering included serial bonds priced to yield from 3.60% in 1994 to yield 6.45% in 2007. A 2014 term was priced as 6 3/8s, to yield 6.65%.

The Financial Guaranty Insurance Co. enhanced the issue, which is rated triple-A by Moody's and Standard & Poor's.

Smith Barney, Harris Upham & Co. priced and repriced $140 million California Public Works Board lease revenue bonds for the secretary of state and state archives building complex.

At the repricing, serial bond yields were raised by five basis points, while the term bond yield was raised by about two basis points.

The final reoffering included serial bonds priced to yield from 4.75% in 1996 to 6.70% in 2009. A 2012 term was priced as 6 3/4s, to yield 6.875%.

The offering, except for the 2012 maturity, is insured by the AMBAC Indemnity Corp. and triple-A rated by Moody's and Standard & Poor's. The 2012 term is rated conditional A1 by Moody's and provisional A-minus by Standard & Poor's.

Smith Barney also priced and repriced $120 million Virginia Education Loan Authority refunding bonds.

Series 1992F bond yields were raised by 10 basis points, while Series 1992G bond yields were raised by 12 basis points.

The final offering included $103 million Series 1992E bonds priced at par to yield from 3% in 1993 to 5.70% in 2000.

There also was $2.4 million Series 1992F subordinated refunding bonds priced at par to yield 6.10% in 2000, and $10 million Series 1992G subordinated bonds, subject to the alternative minimum tax, priced at par to yield 6.625% in 2003. Finally, there was $5 million Series 1992H taxable refunding bonds priced at par yield 3.50% in 1993 and 3.75% in 1993.

The Series 1992E and 1992H bonds are triple-A rated by Moody's. The Series 1992F and Series 1992G bonds are rated A by Moody's.

Competitive Arena

An issue of $180 million Connecticut various-purpose bonds was won by a Bear, Stearns & Co. group with a true interest cost of 5.983%.

The firm reported an unsold balance of approximately $37.3 million late in the day.

Serial bonds were reoffered to investors at yields ranging from 3.70% in 1994 to 6.30% in 2006. Bonds in 1993, 2003, 2004 and from 2007 through 2010 were not formally reoffered to investors. The issue is rated Aa by Moody's and AA-plus by Standard & Poor's.

Secondary Markets

Traders reported several institutional lists out for the bid in the $25 million-to-$30 million range.

In secondary dollar bond trading, prices were mixed on the day, traders said.

In late action, California GO 6 1/4s of 2019 were quoted at 6.70% bid, 6.65% offered; New York City Water and Sewer 6 3/8 of 2022 were quoted 93 3/8-94, to yield 6.902%; and Washington Public Power Supply System 6 1/2s of 2015 were quoted at 96-1/4, to yield 6.902%.

In secondary note trading, yields were mixed on the day, traders said.

In late trading, Los Angeles Trans were quoted at 2.92% bid, 2.85% offered; New Jersey Trans were quoted at 2.90% bid, 2.85% offered.

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