Yesterday's nearly $1.6 billion of new issues leaves 1992 approximately $1.5 billion behind the full-year new-issue record set in 1991.

Securities Data Co. shows 1,619 deals in 1991 for a total of $200.9 billion. Through Tuesday, the firm shows 1,261 deals totaling $197.8 billion.

Though Securities Data could not provide an official total for yesterday, adding their latest numbers to offerings confirmed by syndicate desks brings the year's new-issue total through yesterday to an unofficial $199.3 billion.

Securities Data's figures are for straight corporate debt, excluding mortgage- and asset-backed deals but including agency issues. Colonial Pipeline's $275 million offering through Rule 144A, a private placement, was excluded from the total.

As for yesterday's issues, traders said most were priced a bit too rich.

"Most of the stuff came a little pricey," one trader said, adding that those issues began to clean up as the market rallied.

"They're beginning to look a little more attractive," he said, adding that he thought issuers got lucky.

In secondary trading, high-grade issues finished 1/8 to 1/4 better, while better quality high-yield paper gained 1/4 point, traders said. The $200 million of 9 3/4% senior subordinated notes due 2004 that Owens-Illinois issued at par on Monday were trading up to 1/4 better yesterday, one trader said.

Not celebrating yesterday were holders of R.H. Macy & Co.'s 14 1/2% senior subordinated debentures of 1998, which lost about a point, moving to a 30-to-32 range from the 32-to-34 area.

New Issues

BankAmerica issued $350 million of 6% senior notes due 1997. The noncallable notes were priced at 99.906 to yield 6.021%, or 60.5 basis points over comparable Treasuries. Moody's Investors Service rates the offering A2, while Standard & Poor's Corp. rates it A. First Boston Corp. lead managed the offering.

Philip Morris Cos. issued $350 million of 7.125% notes due 2002. The noncallable notes were priced at 99.687 to yield 7.169%, or 68 basis points over comparable Treasuries. Moody's rates the offering A2, while Standard & Poor's rates it A. Salomon Brothers Inc. lead managed the offering.

Colonial Pipeline issued a two-part $275 million Rule 144A offering.

The first part consisted of $125 million of 7.125% noncallable notes due 2002 at par. The notes were priced to yield 65 basis points over comparable Treasuries. The second part consisted of $150 million of 7.450% notes due 2007 at par. The noncallable notes were priced to yield 98 basis points over 10-year Treasuries. Salomon Brothers lead managed the offering.

J.C. Penney Co. issued $250 million of 8.250% sinking fund debentures due 2022. Noncallable for 10 years, the debentures were priced at 99.489 to yield 8.296%, or 97 basis points over comparable Treasuries. Moody's rate the offering A2, while Standard & Poor's rates it A-plus. First Boston managed the offering.

Niagara Mohawk issued $220 million of 7.375% first mortgage bonds due 2003. The noncallable 7.375% bonds were priced at 99.578 to yield 7.431%, or 95 basis points over 10-year Treasuries. Moody's rates the offering Baa2, while Standard & Poor's rates it BBB. Merrill Lynch & Co. managed the offering.

Allbritton Communications Co. issued $125 million of 11.50% senior subordinated notes due 2004. The notes were priced at 99.67 to yield 11.55%. They are callable after five years at 104.75, moving to par in 2000. A 50% sinking fund begins in 2003. Moody's rates the offering B3, while Standard & Poor's rates it B-minus. Merrill Lynch managed the offering. The offering was increased from $115 million.

Golden West Financial issued $100 million of 7.25% subordinated notes due 2002. The noncallable notes were priced at 99.388 to yield

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