The 30-year portion of Pacific Gas And Electric Co.'s $700 million offering proved an easier sell than the 10-year piece, one buyside source said yesterday.

The 30-year piece appeared to go "quite well," while the 10-year tranche was less in demand, the source said. The source said that he did not participate in the offering.

"We just don't like the regulatory environment in California," he said. The deal's first tranche consisted of $350 million of 6 1/4% bonds due March 1, 2004 at par. The noncallable bonds were priced to yield 6.248%, or 60 basis points more than comparable Treasuries.

The second tranche consisted of $350 million of 7.05% bonds due March 1, 2024 and priced at par. The noncallable bonds were priced to yield 7.04%, or 67 basis points more than comparable Treasuries. Moody's Investors Service rates the offering Al, while Standard & Poor's Corp. rates it A.

Morgan Stanley & Co. was lead manager on the offering.

In secondary trading yesterday, spreads on high-grade issues held steady as prices declined in line with Treasuries. Junk bond prices -- particularly better quality issues -- fell anywhere from 3/4 to a 1 1/2 points because of weakness in the Treasury and stock markets.

In other news, New York Telephone plans to redeem two debt series totaling $600 million, the company said yesterday in a release.

The company, a wholly owned subsidiary of NYNEX Corp., plans to redeem on Dec. 1, 1993, $450 million principal amount of its outstanding 37-year, 8 3/4% debentures due 2023, a release from the company says.

New York Telephone will redeem the debentures at 105.18% of the principal amount plus accrued interest to the redemption date. Marine Midland Bank is the payment agent.

The company will also redeem on Dec. 6, 1993, $150 million of its 8% refunding mortgage bonds, Series U, due July 15, 2008. The redemption price for the offering is 102.87% of the principal amount plus accrued interest to the redemption date. Chemical Bank is the payment agent.

New Issues

Federal Home Loan Mortgage Corp. issued $150 million of 6.35% debentures due 2003 at par. Noncallable for a year, the debentures were priced to yield 69 basis points more than comparable Treasuries. Lehman Brothers was sole manager on the offering.

Phillips Van-Heusen sold $100 million of 7.75% debentures due 2023. The noncallable debentures were priced at 99.423 to yield 7.80% or 138 basis points more than comparable Treasuries. Moody's rates the offering Baa3, while Standard & Poor's rates it BBB. Goldman, Sachs & Co. was lead manager on the offering.

Federal Home Loan Banks issued $83.5 million of 4.575% medium-term notes due 1996 at par. Noncallable for a year, the notes were priced to yield 11 basis points more than comparable Treasuries. Morgan Stanley was sole manager. Federal Home Loan Banks issued $80 million of 5.24% medium-term notes due 1998 at par. Noncallable for a year, the notes were priced to yield 23 basis points more than comparable Treasuries. Morgan Stanley was sole manager.

Central Maine Power came to market with $75 million of 6.25% guaranteed and refunding mortgage bonds due 1998. The noncallable bonds were priced at 99.765 to yield 6.305% or 125 basis points more than comparable Treasuries. Moody's rates the offering Baa2, while Standard & Poor's rates it BBB. Kidder, Peabody & Co. was lead manager.

Federal Home Loan Banks issued $55.1 million of 4.495% medium-term notes due 1996 at par. The noncallable notes were priced to yield three basis points more than comparable Treasuries. Morgan Stanley was sole manager.

Federal Home Loan Banks issued $25 million of 5.75% medium-term notes due 2003 at par. The noncallable notes were priced to yield 12 basis points more than comparable Treasuries. Goldman Sachs was sole manager.

Rating News

Standard & Poor's gave a CCC-plus rating to Trans World Airlines Inc.'s $220 million of 10% senior secured debentures due 1994, an exchange issue for the 15% senior secured notes due 1994.

The rating agency also raised its rating on $51 million of TWA industrial revenue bonds to CCC-plus from CC, and removed th rating from CreditWatch where it was placed on Jan. 19, 199 1. Standard & Poor's also withdrew its D rating on $231 million of TWA 15% notes as well as the D rating on $99 million of preferred stock.

"TWA'S rating reflect its weak competitive position, poor, albeit improving, earnings, and cash flow, and limited liquidity," the rating agency said. "TWA, which exited bankruptcy on Nov. 3, is the seventh-largest U.S. airline, serving domestic markets from its main hub in St. Louis, Mo. and flying transatlantic routes to Europe and the Middle East."

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