The junk market's paper thirst may lead Rogers Cantel Mobile Inc. to increase its note offering to $400 million from $250 million, one analyst said Friday.

High-yield bond prices continued their steady ascent as companies pull paper from the market through tender offers and refinancings, Kingman Penniman, a senior vice president at Duff & Phelps/MCM Investment Research Co., said Friday.

The paper exodus has squelched yields to between 10% and 12%, some of the lowest since 1987, Mr. Penniman said. Meanwhile, aside from the Rogers Cantel offering and a few others, little new supply awaits, he added.

"I think the Street is very thin," Mr. Penniman said.

Rogers Cantel is expected to price its 10-year deal tomorrow. Price talk on the offering is 10 1/2 to 10 3/4, he said.

When asked to confirm an increase in the offering, a Rogers Cantel spokesman replied, "The deal is going well, but beyond that we can't comment." He agreed however that the high-yield market was strong.

Other deals on the way include Rowan Companies Inc.s $200 million senior note offering due 2001, Maxxam Inc.'s $100 million deal due 1995, and Wheeling-Pittsburgh Corp.'s $150 million first mortgage note issue due 2000.

In connection with its deal, Rowan plans to call an existing $125 million issue, Mr. Penniman said, and Maxxam's offering -- expected last week -- now appears to be scheduled for this week.

Wheeling Pittsburgh begins its roadshow today, another source said.

Over all, high-yield bonds were up 1/4 to 1/2 point. Friday's high-grade corporate market seemed to lag the Treasury market's morning explosiveness, though activity picked up somewhat by afternoon. The market finished the day unchanged to off 1/8 point, traders said.

As for Friday's new issues, Midland Cogeneration Venture Limited Partnership issued $300 million of 10.33% senior secured lease obligation bonds, Series C. Due in July 2002, the bonds have a 6.91-year average life and were priced at 103.544 to yield 9.61% or 250 basis points over seven-year Treasuries. Moody's Investors Service rates the deal Bal, while Standard & Poor's Corp. rates it BB-plus. Morgan Stanley & Co. was lead manager on the offering.

In the private-placement market, Advanta Leasing Corp. closed its first securitization of equipment lease receivables with the issuance of pass-through certificates in Advanta Leasing Receivables Trust 1991-A. ContiFinancial Services Corp., which structured the deal, announced its completion Friday.

Both Standard & Poor's and Moody's rated the $74.5 million securitization triple-A. The ratings were based on a surety bond issued by triple-A rated Municipal Bond Investors Assurance Corp., which fully guarantees principal and interest payments on the 7.38% certificates. The certificates have a 1.5-year average life.

Further backing them is a nationwide pool of equipment lease finance contracts with outstanding average balances of $5,000. The contracts are on "small ticket" items like facsimile machines, personal computers, and copiers.

ContiFinancial structured the offering to allow for resale under Rule 144A. Rule 144A was enacted in April 1990 to facilitate secondary trading of private placements.

In Friday's rating actions, Standard & Poor's upgraded R.P. Scherer Corp.'s $169 million of 14% senior subordinated sinking fund debentures, due 1999, to B-plus from B-minus. The agency also removed the rating from CreditWatch where had been placed on Aug. 26. The implied senior rating is BB.

"The new ratings reflects a dramatic improvement in capital structure following Troy, Mich.-based Scherer's $200 million initial public offering," Standard & Poor's said.

Duff & Phelps assigned a BBB-plus rating to MCI Communication's $250 million senior note issue due 1996.

"The ratings recognize Duff & Phelps' conclusion that despite the volatility of earnings growth, MCIC's business continues to generate earnings and cash flows appropriate for the current ratings," the agency said in a release.

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