Betting on lower interest rates, long-term bond funds bought $130 million Pennsylvania Higher Education Assistance Agency student loan revenue bonds yesterday to capture the attractive 8.405% yield on $65 million of residual interest bonds.

A 17-member account, led by Lehman Brothers as senior manager, priced and then repriced the bonds, decreasing the amount from $155 million. The underwriters also lowered the series A yield five basis points and raised the series B maturity by five basis points.

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