Strong demand elevated Leucadia National Corp.'s high-yield offering to $125 million from $100 million yesterday, a source familiar with the deal said.

The offering could have been increased further, but the company decided against taking the additional funds, the source said. The "high quality of the credit" fueled demand, he noted.

"It's a hold, we liked it," Kingman D. Penniman, an executive vice president at Duff & Phelps/MCM Investment Research Co., said. "On the slate of things coming this week, it's at the high end."

Leucadia issued $125 million of 10.375% senior subordinated notes due 2002. The notes were priced at 99.25 to yield 10.50%. They are callable after five years at 104.5 moving to par in 2000. Moody's Investors Service rates the offering Ba3, while Standard & Poor's Corp. rates it BB-plus. Jefferies & Co. managed the offering with First Boston Corp. as co-manager.

"It was right on price talk," the source said.

Also expected this week are highyield deals by Anchor Glass Container Corp., which Mr. Penniman described as "a touch better" than leucadia, as well as offerings by Carlisle Plastics Inc., the Interlake Corp., and possibly Comcast Cellular Communications Inc.

During its roadshow, which ended Tuesday, Carlisle Plastics switched the type of security it was offering from $85 million of senior extendable reset notes to the same amount of senior fixed-rate notes, according to spokeswoman Rhonda lannacone. Better acceptance for the fixed-rate security prompted the change, she said. Price talk on the notes is 10% to 10 1/2%, she said.

Also yesterday, Bruce Steimle, an Interlake spokeman, said that company is currently deciding whether to issue $200 million or $220 million of senior subordinated debentures due 2002. The offering is likely to be made this week, he confirmed. Donaldson, Lufkin & Jenrette Scurities Corp. is lead manager.

In secondary trading, high-yield bonds ended flat to up 1/8 point in light activity. High-grades lost about 1/8 point in the long end.

Yesterday's Issues

Shearson Lehman Brothers Holdings issued $200 million of 7.625% notes due 1997. The noncallable notes were priced at 99.408 to yield 7.77% or 118 basis points over comparable Treasuries. Moody's rates the offering A3, while Standard & Poor's rates it A. Lehman lead managed the offering.

Inco Ltd. issued $200 million of 9.6% debentures due 2022 at par. Noncallable for 10 years, the debentures were priced to yield 170 basis points over comparable Treasuries. Moody's rates the offering Baa2, while Standard & Poor's rates it BBB-minus. Morgan Stanley & Co. sole managed the offering, which was increased from $150 million.

SCE Capital Corp. issued $150 million of 4.875% notes due 1994. The noncallable notes were priced at 99.964 to yield 4.90% or 15 basis points over the five-year Treasuries due 1993. Lehman Brothers managed the offering. Moody's rates the deal A1, while Standard & Poor's rates it AA-minus.

Yesterday's Ratings

Moody's has raised its ratings on Federated Department Stores debt issues, affecting about $610 million worth of long-term debt, the agency says in a release.

"The rating action was prompted by the paydown of about $950 million of funded debt through a combination of cash and a recent equity offering for Federated stock," the agency's release says. "This caused a significant decline in debt ratios and an improvement in coverage ratios."

The upgrades are Federated's 10% series B senior secured notes to B1 from B2 and senior unsecured convertible discount notes to B2 from B3. Federated emerged from bankruptcy Feb. 5, the release says.

Moody's has given a rating of Ba3 to GenCorp's new convertible subordinated debentures. GenCorp will use proceeds from the new issue to repay two issues of its higher coupon subordinated debt, both rated Ba3, according to a Moody's release.

"The rating reflects GenCorp's highly profitable and stable polymer business, its cyclical but well positioned automotive business, and the stable returns from its niche aerospace business and electronic sales," the release says. Moody's action affects about $115 million of long-term debt.

Moody's has raised Jackson National Life Insurance Co.'s insurance financial strength rating to A1 from A2.

"The rating change reflects the improvement in the capitalization of the company and the significant reduction in noninvestment-grade bonds, both on an absolute basis and relative to the company's capital," the rating agency says in a release. "The rating is also based on the company's low-cost operting structure and the expectation of continued implicit and explicit support provided by its ultimate parent. Prudential Corp. Plc., which contributed $300 million of capital to the company in 1991."

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