Some Restaurant Enterprises Group Ine.'s junk bonds have tumbled more than 25 points during the past six weeks, a trader said yesterday.

Weak operating numbers, a failed sale-leaseback deal, and an "onerous" amortization schedule are some of the reasons for those losses sustained by the company's 123/4% senior subordinated notes of 1998, the trader alleged. An analyst concurred those allegations, adding that there was more to the story than that.

Another trader, while not sure exactly how far the bonds had fallen, said 25 points would be a fair estimate. Asked the reason for the drop, he replied, "The numbers look terrible."

The company's chief financial officer, to whom company officials said questions must be directed, was not immediately available for comment.

Over all, the high-yield market finished unchanged to slightly better, traders said. High-grade bond prices ended about 1/2 point higher on Treasury market strength.

New issues

Philadelphia Electric issued $250 million of 8.25% first and refunding mortgage bonds due 2022. Noncallable for five years, the bonds were priced at 98.685 to yield 8.37%. or 95 basis points over comparable Treasuries. Moody's Investors Service rates the offering Baal, while Standard & Poor's Corp. rates it BBB-plus. A Lehman Brothers-led group won competitive bidding to underwrite the offering.

Philadelphia Electric issued $200 million of 7.125% first and refunding mortgage bonds. The bonds were priced at 99.078 to yield 7.256%, or 65 basis points over comparable Treasuries. Moody's rates the offering Baa1, while Standard & Poor's rates it BBB-plus. A group led by First Boston Corp. won competitive bidding to underwrite the offering.

Cincinnati Gas & Electric issued a three-part offering totaling $300 million. The first tranche consisted of $ 1 00 million of 6.25% first mortgage bonds due 1997. The noncallable bonds were priced at 99.879 to yield 6.278%, or 70 basis points over comparable Treasuries.

The second tranche consists of $100 million of 7.250% first mortgage bonds due 2002. The noncallable bonds were priced at 99.236 to yield 7.359%, or 75 basis points over comparable Treasuries.

The third consists of $100 million of 8.5% first mortgage bonds due 2022. Noncallable for five years, the bonds were priced at 99.78 to yield 8.52%, or I 10 basis points over comparable Treasuries. Morgan Stanley & Co. lead managed the offering. Moody's rates the offering Baal, while Standard & Poor's rates it BBB-plus.

Southwest Airlines issued $100 million of 7.875% debentures due 2007. The noncallable debentures were priced at 99.26 to yield 7.96%, or 135 basis points over 10-year Treasuries. Moody's rates the offering Baal, while Standard & Poor's rates it A-minus. Lehman Brothers lead managed the offering.

Yesterday's Ratings

Standard & Poor's has put the A-plus senior debt ratings of Nissan Motor Co. and its units, Nissan Motor Acceptance Corp., Nissan International Finance (Netherlands) B.V., and Nissan Capital of America Inc., on Creditwatch for a possible downgrade.

The action comes after the company announced it expects to incur a net loss of about $160 million for the fiscal year ending March 31, 1993. Approximately $8.7 billion of debt is affected.

Also yesterday, Standard & Poor's affirmed Nissan International Finance's and Nissan Capital's A-1 commercial paper ratings.

"Nissan's performance is being impacted by a significant decline in domestic auto demand, continued weak overseas demand, and intense competition, particularly within Japan," Standard & Poor's release says, adding that the soft auto demand is only part attributable to Japan's weak economy.

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