This week's high-grade new issue list looked short Friday, but that could change given the big shadow calendar, underwriters said.

On Wednesday, Potomac Electric Power Co. is scheduled to sell $175 million of first mortgage bonds through competitive bidding.

"Away from that, at this point, nothing's really scheduled, much less rumored," one syndicate desk source said.

But underwriters cited the large number of the recent Securities and Exchange Commission debt registration filings, and said a firm government market could lure issuers in. Last week, more than $7 billion of investment-grade debt was priced.

"I think like [last] week there are enough treasurers out there who are getting antsy," said Mike Bassett, a vice president at Stone & McCarthy Research Associates.

"There'll be decent business going on," Bassett said.

Potomac Electric is seen offering $50 million of a 10-year bullet maturity and $50 million of a 15-year bullet.

The third piece is expected to consist of $75 million of 31-year debt that would be noncallable for 10 years. Moody's Investors Service is expected to rate the offering A1, while Standard & Poor's Corp. is expected to rate it A-plus.

A second syndicate source said September issuance underperformed expectations.

"We expected $40 billion and we didn't get it," he said.

According to Securities Data Co., 123 investment-grade issues were sold between Sept. 1 and last Thursday, totaling $22.896 billion. That includes last week's 41 issues through last Thursday totaling $7.335 billion.

Four junk issues totaling $600 million were priced through last Thursday and bringing the total for the month through that date to 10 issues totaling $1.281 billion.

In other news last week, Burlington Motor Holdings filed a registration statement with the SEC to offer $100 million of senior subordinated notes, said Chandler Church, vice president of finance at the company.

Merrill Lynch & Co. will be lead manager of the offering and Bear, Stearns & Co. will be co-manager, Church said. Burlington will use $62.5 million of the proceeds to buy equipment that it currently leases, he said. The remainder will be used to repurchase some existing subordinated debt and bank debt, he said.

Burlington's filing was prompted by "the favorable economics of purchasing equipment that is currently being leased," Church said. "That's the main reason."

In secondary trading, high-grade issues were unchanged. High-yield bonds ended 1/4 point higher in light holiday trading.

New Issues

On Friday, Comerica Inc. issued $250 million of 3.375% bank notes due 1994 at par. The notes are noncallable. Moody's rates the offering A1, while Standard & Poor's rates it A. Morgan Stanley & Co. was sole manager.

Federal National Mortgage Association came to market with $200 million of 5.99% medium-term notes due 2003 at par. Noncallable for three years, the notes were priced to yield 57 basis points more than comparable Treasuries. Morgan Stanley was sole manager.

Cole National Corp. issued $190 million of 11 1/4% senior notes due 2001. Noncallable for five years, the notes were priced at 98.714 to yield 11.50%. Moody's rates the offering B1, while Standard & Poor's rates it B-plus. Merrill Lynch was lead manager.

First Union Real Estate Equity and Mortgage Investments sold $100 million of 8 7/8% senior notes due 2003. The noncallable notes were priced at 99.187 to yield 9%. Moody's rates the offering Ba2, while Standard & Poor's rates it BBB-minus. Salomon Brothers Inc. was sole manager.

Federal Home Loan Mortgage Corp. issued $100 million of notes due 1996. Noncallable for a year, the notes were priced initially at par to yield 4.29%, or 12 basis points more than comparable Treasuries. Goldman, Sachs & Co. was sole manager.

Federal Home Loan Banks issued $38 million of 5.99% medium-term notes due 2003. Noncallable for a year, the notes were priced to yield 58 basis points more than comparable Treasuries. Goldman Sachs was sole manager.

Fitch Investors Service Inc. has given an AAA rating to EMC Trust 2's Series 1993-L2 $1.04.1 million Class 1 floating rate bonds. The $9.3 million Class 2 bonds are rated A.

Rating News

"The series represents the first publicly rated residential mortgage-backed transaction to be secured by subperforming and nonperforming mortgage loans, including [real estate owned] properties," a Fitch release says.

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