A $200 million Florida State Board of Education full faith and credit issue drew a 6.888% maximum yield yesterday and prices closed 1/4 point higher in the secondary market.

The Florida issue, rated double-A by Moody's Investors Service and Standard & Poor's Corp., was awarded in close bidding to an account headed by Merrill Lynch & Co. at a true interest cost of 6.833%. A Goldman, Sachs & Co. group was right behind with a 6.844% TIC.

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