New issues took center stage yesterday, dominated by $240 million of Los Angeles School District tax and revenue anticipation notes, while secondary bond prices continued to outshine Treasuries in light trading.

The Los Angeles, Calif., Unified School District awarded the Trans, due Aug. 10, 1992, to three accounts in competitive bidding.

The notes were reoffered to investors at 4.90% net.

Market sources said the issue came attractively priced and saw good demand, with most notes snapped up by permanent investors at the end of the session.

First Boston Corp. took $120 million with a bid of 5.25%, J.P. Morgan took $70 million with a bid of 5.25%, and a group including Morgan Stanley & Co. and Artemis Capital group as co-managers took $50 million with a bid of 5.50%.

The notes are rated MIG-1 by Moody's Investors Service and SP-1-plus by Standard & Poor's Corp.

In negotiated note issuance, a group led by Merrill Lynch & Co. tentatively priced and repriced $175 million of Philadelphia School District tax and revenue anticipation notes to lower the yield 10 basis points.

The final terms included a 1992 maturity, due June 30, priced as 6 1/2 to yield 5.90%.

A Merrill Lynch officer said the issue saw demand mostly from money funds and bond funds and that most of the issue went to permanent investors.

The notes are rated MIGI by Moody's, SP2 by Standard & Poor's, and F1 by Fitch Investors Service.

Secondary short-term note yields held in, despite the supply, with yields mostly unchanged on the day.

March New York State Trans were quoted near the end of cash at 5.24% bid, 5.22% offered. Los Angeles County notes were quoted at 4.70% bid, 4.63% offered, while New Jersey notes were quoted at 4.75% bid, 4.70% offered. Wisconsin 5s were quoted at 4.77% bid, 4.70% offered.

New supply also dominated action in the long-term sector yesterday as secondary prices drift ahead of Friday's producer price report.

In negotiated new-issue activity, Merrill Lynch as sole manager tentatively priced and repriced $110 million of Harris County, Tex., Health Facility Development Corporation School Health Care System revenue bonds for the Sisters of Charity to lower some yields five basis points.

The final terms included serials priced to yield from 4.90% in 1992 to 7.05% in 2006.

A 2011 term is priced to yield 7.238%, and a 2021 term, containing $62.7 million of the loan, is priced as 7.10s to yield 7.28%.

The offering is rated AA by both Moody's and Standard & Poor's.

Goldman, Sachs & Co. as senior manager tentatively priced and the repriced $72.6 million to Texas Municipal Power Agency refunding revenue bonds to lower long bond yields as much as five basis points.

The final terms included serials priced to yield from 4.75% in 1992 to 6.85% in 2005.

A 2021 term, containing $40 million of the loan, is priced to yield 7.07.

The bonds are insured by the AMBAC Indemnity Corp. and rated triple-A by both Moody's and Standard & Poor's.

Bear, Stearns & Co. as senior manager tentatively priced $62.4 million of Wyoming Community Development Authority single-family mortgage bonds, federally insured or guaranteed mortgage loans.

The offering included $42.8 million of series A bonds tentatively priced at par to yield from 5.40% in 1993 to 7.25% in 2007.

A 2011 term is tentatively priced at par to yield 7.30%, a 2014 super sinker term is tentatively priced to yield 6.875%, and a 2017 term is tentatively priced at par to yield 7.375%.

There also is $19.6 million of Series B bonds tentatively priced to yield 7.40% at par.

The issue is rated AA by Standard & Poor's.

Morgan, Stanley & Co. as senior manager tentatively priced and repriced $42.5 million of Wisconsin Public Power Incorporated System power supply system revenue bonds to lower the yield five basis points on the term maturities.

The final terms included serials priced to yield from 5.50% in 1994 to 6.90% in 2005.

A 2012 term is priced as 7s to yield 7.05% and a 2021 term, containing $23 million of the loan, is priced as 7s to yield 7.10%.

The bonds are AMBAC-insured and triple-A rated by both Moody's and Standard & Poor's.

A group led by Bear, Stearns & Co. tentatively priced $39 million New York State Dormitory Authority Menorah Campus Inc. FHA-insured mortgage revenue bonds.

The offering included serials tentatively priced at par to yield from 5.25% in 1993 to 7.15% in 2006.

A 2016 term is tentatively priced at par to yield 7.30%, and a 2031 term, containing $24.8 million of the loan, is tentatively priced at par to yield 7.40%.

The bonds are not rated by Moody's but rated AA by Standard & Poor's.

Secondary activity was slow due to light supply and the upcoming producer price index report, but traders reported some moderate business, which continues to put municipals ahead of the taxable sector.

However, Treasury prices sagged ahead of today's government auction, and municipal traders will be watching for the results later this afternoon.

The September municipal futures contract was up slightly for most of the day, but settled unchanged at 90.28 with the September MOB spread calculated at negative 55.

Meanwhile, in secondary dollar bond trading, Florida State Board of Education 7 1/4 of 2023 were quoted unchanged at 101 3/4-102 to yield 7.03% to the 2004 par call.

New Jersey Turnpike Authority bonds still hold a one-point lead on other names because of the announced refunding of all the authority's debt. The 7.20s of 2018 were quoted unchanged on the day at 102 5/8-103 to yield 6.99% to the par call in 1999. Triborough Bridge and Tunnel Authority 7s of 2020 were up 1/8 to 97 5/8-7/8 to yield 7.17%, while South Carolina Public Service Authority 7.10s of 2021 were unchnaged at 98 7/8-99 to yield 7.18.

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