New issues yesterday smashed the $3.5 billion barrier for what appears to be the fourth time this year.

"I think most of it is being fairly well received," one trader said. "Clearly, I think there are few issues that might need some time to get out of the woods."

He declined to name those dials.

While noting some slight softening in the secondary market, the trader did not expect the brisk new-issue pace to cause spreads to widen significantly.

"Spreads are a little bit wider in some sectors, but nobody's jumping out the window." another trader added.

A third trader said spreads widened out "maybe a basis point or two, but nothing significant."

According to Securities Data Co., single-day corporate new-issue volume exceeded $3.5 billion three times already this year, most recently on July 7 when it hit $4.1 billion. Issuance topped $3 billion eight times this year before yesterday.

The Newark, N.J.-based firm's figures are for nonconvertible corporate debt excluding mortgage-and asset-backed issues, but including agency offerings.

Though yesterday's final figures were not available through Securities Data by late yesterday, syndicate desks confirmed that over $3.5 billion of new debt had been issued.

Approximately $2.5 billion of new issues were priced Tuesday. The banner days come after Friday's weak August employment report, which prompted the Federal Reserve to ease short-term interest rates.

An RJR Nabisco Inc. spokesman said his company came to market with a $750 million issue yesterday because "interest rates were great." The company, which just priced a $100 million offering last Friday, plans to use proceeds from yesterday's deal for general corporate purposes.

"We're playing with our portfolio a bit and you can't beat the timing." he said.

RJR Nabisco issued $750 million of 7.625% notes due 2003. The noncallable notes were priced at 99.596 to yield 7.68% or 137 basis points over 10-year Treasuries. Moody's Investors Service rates the offering Baa3, while Standard & Poor's Corp. rates it BBB-minus. Salomon Brothers lead managed the offering.

High-yield bonds ended up 1/4 to 1/2 point yesterday.

Now Issues

Wal-Mart Stores Inc+. issued $500 million of 5.5% notes due 1997. The noncallable notes were priced at 99.935 to yield 5.515% or 30 basis points over comparable Treasuries. Moody's rates the offering Aal, while Standard & Poor's rates it AA. Goldman, Sachs & Co. lead managed the offering.

Ford Motor Credit issued $400 million of 6.375% notes due 1999. The noncallable notes were priced at 99.643 to yield 6.439% or 68 basis points over comparable Treasuries. Moody's rates the offering A2, while Standard & Poor's rates it A. Bear, Stearns & Co. lead managed the offering.

Asian Development Bank issued $300 million of 6.50% notes due 2002. The noncallable notes were priced at 98.988 to yield 6.64% or 33 basis points over comparable Treasuries. Moody's and Standard & Poor's assign triple-A ratings. Lehman Brothers lead managed the offering.

Pacific Bell issued $300 million of 7.75% debentures due 2032. Noncallable for 10 years, the bonds were priced at 99.125 to yield 7.905% or 67 basis points over 30-year Treasuries. Moody's rates the offering Aa3, while Standard & Poor's rates it AA-minus. Merrill Lynch won competitive bidding to underwrite the offering.

Williams Cos. issued a two-part offering totaling $300 million. The first tranche consisted of 7.5% debentures due 1999. The noncallable debentures were priced at 99.731 to yield 7.55% or 175 basis points over comparable Treasuries.

The second tranche consisted of $150 million of 8.875% debentures due 2012. The noncallable debentures were priced at 99.306 to yield 8.95% or 170 basis points over 30-year Treasuries. Moody's rates the offering Bal, while Standard & Poor's rates it BBB-minus. First Boston Corp. lead managed the offering.

Warner-Lambert Co. issued $200 million of 6.625% notes due 2002. The noncallable notes were priced at 99.75 to yield 6.66% or 35 basis points over comparable Treasuries. Moody's rate the offering Aa3, while Standard & Poor's rates it AA. Goldman Sachs lead managed the offering.

Georgia Power issued $195 million of 6.125% first mortgage bonds due 1999. The noncallable bonds were priced at 98.901 to yield 6.322% or 55 basis points over comparable Treasuries. Moody's rates the offering A3, while Standard & Poor's rates it A-minus. A group led by Kidder, Peabody & Co. won competitive bidding to underwrite the offering.

Georgia Power issued $150 million of 6.875% first mortgage bonds due 2002. Noncallable for five years, the bonds were priced at 99.11 to yield 7% or 70 basis points over comparable Treasuries. Moody's rates the offering A3, while Standard & Poor's rates it Aminus. Merrill Lynch won competitive bidding to underwrite the offering.

Federal Home Loan Mortgage Corp. issued $150 million of 6.80% debentures due 2002 at par. Noncallable for three years, the bonds were priced to yield 50 basis points over comparable Treasuries. Lehman Brothers lead managed the offering.

Southwestern Electric Power Co. issued a two-part offering totaling $130 million. The first tranche consisted of $40 million of 6.125% first mortgage bonds due 1999. The noncallable bonds were priced at 99.438 to yield 6.225% or 42.5 basis points over comparable Treasuries.

The second tranche consisted of $90 million of 7% first mortgage bonds due 2007. The noncallable bonds were priced at 98.874 to yield 7.123% or 80 basis points over 10-year Treasuries. Moody's rates the offering Aa2. while Standard & Poor's rates it AA-minus. First Boston Corp. lead managed the offering.

Chesapeake Potomac Telephone of Maryland issued $100 million of 5.875% debentures due 1999. The noncallable debentures were priced at 99.015 to yield 6.05% or 30 basis points over comparable Treasuries. Moody's rates the offering Aa3, while Standard & Poor's rates it AA. Salomon Brothers sole managed the offering.

Illinois Power issued $72 million of 6.5% first mortgage bonds due 1999. The noncallable bonds were priced at 99.446 to yield 6.60% or 81 basis points over comparable Treasuries. Moody's rates the offering Baa2, while Standard & Poor's rates it BBB-plus. Salomon Brothers lead managed the offering.

Elizabethtown Water Co. issued $15 million of 8% debentures due 2022. Nonrefundable for five years, the bonds were priced at 99.096 to yield 8.08% or 85 basis points over comparable Treasuries. Moody's rates the offering A3, while Standard & Poor's rates it A. Salomon Brothers won competitive bidding to underwrite the offering.

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