This year's new corporate issues could break the 1991 full-year record of $159.6 billion by Labor Day, according to one expert's figures.

In fact, the 1992 new issue needs just $1 billion to $1.5 billion more to catch the old full-year record of $157 billion set in 1986, according to Mike Bassett, a vice president at N. J.-based Stone & McCarthy Research Associates. That estimates did not include yesterday's total.

The market should hit at least $200 billion by yearend, "unless the corporate bond business just totally dies, which I can't see," Mr. Bassett said, citing the current attractive rate environment.

In other news yesterday, Marcade Group Inc. eluded a bid by a small group of its subordinated debt holders to force it into bankruptcy, the company said.

According to Marcade's chief financial officer, Paul Spector, Judge James L. Garrity in U.S. Bankruptcy Court for New York's Southern District on Friday dismissed an involuntary Chapter 11 petition those holders had filed against the company.

The holders, representing about 3% of Marcade's outstanding $23 million face amount of subordinated debt, filed the petition July 10, Mr. Spector said. The company had originally issued about $32.5 million of subordinated debt, with one issue at $20 million and the other at $12.5 million, he said. They were originally floated through Drexel Burnham Lambert, Mr. Spector said.

Marcade's Chairman Charles S. Ramat said in a release yesterday that the petition dismissal would allow the company to pursue a restructuring plan that an institutional investor has proposed to fund.

"We are pleased with the court's dismissal of the involuntary bankruptcy petition and the removal of this distraction," Mr. Ramat said.

"This will enable Marcade to continue to work on its restructuring utilizing the values and strong earnings generated by Marcade's operating subsidiaries." he said.

Mr. Ramat could not be reached yesterday. Mr. Spector declined to name the institutional investor, but described it as a "prominent" one that held none of Marcade's debt .

Mr. Spector could not say when the company expected to complete the restructuring , but said dismissal of those debt holders' petition would now allow it to proceed more quickly.

Elsewhere, a report released recently by the Securities Industry Association says secondary corporate bond trading by institutional investors jumped to a daily average of $ 31.4 billion during the year's first half, a third above 1991's full-year record of $23.3 billion a day.

The 1991 record was a 48% increase over 1990's then-record $15.7 billion , the association's report says.

"In other words, daily bond trading by institutions so far this year is, incredibly enough, double 1990's not so modest levels," the report says.

In secondary trading yesterday, high-grade bond prices followed Treasuries, which gained 3/8 point in the 30-year sector. High-yield bonds finished unchanged in very quiet trading.

New Issues

Shell Oil issued $250 million of 6.70% of notes due 2002 at par. The noncallable notes were priced to yield 22 basis points over 10-year Treasuries. Moody's Investor's Service and Standard & Poor's Corp. rate the offering triple-A. J.P. Morgan Securities Inc. lead managed the offering .

Xerox Corp. issued $200 million of 7.150% notes due 2004. The noncallable notes were priced at 99.693 to yield 7.188% or 70 basis points over 10-year Treasuries. Moody's Investor Service rates the offering A2, while Standard & Poor's Corp. rates it A. First Boston Corp. lead managed the offering.

Student Loan Marketing Association issued $131 million of 7.3% debentures due 2012. The noncallable debentures were priced at 99.217 to yield 7.375% or five basis points over when-issued 30-year Treasuries. Lehman Brothers lead managed the offering.

PNC Funding Corp. issued $ 150 million of 4.875% medium-term notes due 1995. The noncallable notes were priced at 99.918 to yield 38 basis points over current three-year Treasuries. Moody's rates the offering A2, while Standard & Poor's rates it A. J.P. Morgan managed the offering.

Wainoco Oil Corp. issued $100 million of 12% senior notes due 2002 at par. The notes are callable after five years at 103.43, then at 101.71 and then at par. First Boston was sole manager. Moody's rates the notes B1, while Standard & Poor's rate them B-minus.

International Lease Finance issued $100 million of 6.5% notes due 1999. The noncallable notes were priced at 98.966 to yield 6.687% or 69 basis points over comparable Treasuries. Moody's rates offering A2, while Standard & Poor's rates it A-plus. Merrill Lynch & Co. managed the deal.

Yesterday's Ratings

Standard & Poor's has withdrawn WestFed Holdings Inc.'s CCC-minus senior unsecured debt rating.

The action, which affects about $60 million of outstanding debt, follows the company's recently that offer, the agency restructured the senior debt and exchanged it for new unrated securities, a Standard & Poor's release says.

Concurrently, the rating agency affirmed the C rating on WestFed's approximately $130 million of cumulative preferred stock. The rating outlook is negative.

Standard & Poor's also affirmed the B-minus/B rating on the uninsured certificates of deposit of Western Federal Savings & Loan Association, WestFed's principal

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