The World Bank saw "well over" $2 billion of demand for the $1.25 billion global bond offering it priced yesterday, a bank official said.

"It went very, very well," said Hakan Lonaeus, the World Bank's acting senior manager for dollar and yen funding, during a telephone interview from London.

The bank priced $1.25 billion of U.S. dollar-denominated global bonds in an offering through joint bookrunning lead managers Lehman Brothers Inc. and Nomura Securities.

The 5.25% noncallable bonds due 2003 were priced at 99.401 to yield 5.33% or 10 basis points more than the 5 3/4% Treasuries of August 2003. The offering came at the lower end of the 10 to 12 basis point price talk.

Moody's Investors Service and Standard & Poor's Corp. rate the offering triple-A.

Rough estimates show 40% of the offering going to Asia, while Europe and North America got about 30% each. Of the 40% sold in Asia, 21% went to Japan and 19% to the rest of the region.

Despite the strong demand, the World Bank did not increase the offering for two reasons, Lonaeus said. The bank does not like to increase a global deal's size once the launch process has begun, he said. And, he continued, while the World Bank knew the issue would meet strong demand, it had no need for additional funds.

In other news, Westinghouse Electric Corp. yesterday announced plans to redeem $100 million of its 8 3/8% senior notes due March 1, 1996, and the remaining $45 million of its outstanding 7.60% debentures due Oct. 15, 1997.

The redemption date for both issues will be Oct. 8, according to a Westinghouse release. Westinghouse will redeem the debt at a price of par value plus accrued interest to the redemption date. Chase Manhattan Bank is the trustee, the release says. Interest on both the notes and debentures will cease to accrue on the redemption date.

The debt was originally issued by Westinghouse Credit Corp. and was assumed by Westinghouse Electric in a merger with Westinghouse Credit on May 3.

"We are very pleased to be able to use a portion of the proceeds from our recent $600 million bond offering to redeem this relatively expensive debt," said Laurence A. Chapman, Westinghouse's vice president and treasurer, in the release. "This action results in both an interest expense savings to the corporation as well as an improvement to its liquidity position, given the long maturities of the new issue versus those being redeemed."

In secondary trading, high-grade issues ended a touch wider partly in anticipation of new issues. The high-yield market finished a quiet day largely unchanged, though one trader noted buying activity in Penn Traffic Co. and Turner Broadcasting System,

New Issues

Southwestern Bell Telephone issued a two-part offering totaling $400 million. The first tranche consisted of $200 million of 5.75% notes due 2004. Noncallable for seven years, the notes were priced at 99.643 to yield 57 basis points more than 10-year Treasuries. The second piece consisted of $200 million of 6.625% debentures due 2024. Noncallable for 10 years, the debentures were priced at 97.75 to yield 6.80% or 80 basis points more than the 7 1/8% 30-year bond of February 2023. Salomon Brothers was lead manager. Moody's rates the offering A1, while Standard & Poor's rates it A-plus.

Coca-Cola Enterprises Inc. issued $250 million of 6.75% debentures due 2023. The noncallable debentures were priced at 99.364 to yield 6.80% or 80 basis points more than comparable Treasuries. Moody's rates the offering A3, while Standard & Poor's rates it AA-minus. Salomon Brothers managed the offering.

Niagara Mohawk Power Corp. issued $230 million of 5.875% first mortgage bonds due 2002. The noncallable bonds were priced at 99.852 to yield 5.896% or 68 basis points more than 10-year Treasuries. Moody's rates the offering Baa2, while Standard & Poor's rates it BBB. Merrill Lynch & Co. was lead manager on the offering.

Federal Home Loan Mortgage Corp. issued $200 million of 5.74% debentures due 2003 at par. Noncallable for three years, the debentures were priced to yield 51 basis points more than comparable Treasuries. Lehman Brothers managed the offering.

Masco Corp. issued $200 million of 6.125% notes due 2003 at par. The noncallable notes were priced to yield 90 basis points more than comparable Treasuries. Moody's rates the offering Baa1, while Standard & Poor's rates it BBB-plus. Salomon Brothers was lead manager.

CIT Group Holdings Inc. issued $150 million of floating-rate notes due 1995. The noncallable notes were priced initially at par and float daily at 240 basis points under the prime rate. They pay quarterly. Moody's rates the offering A1, while Standard & Poor's rates them AA. Lehman Brothers managed the offering.

Moody's has placed Honda Motor Company, Ltd. and its subsidiaries' long-term debt and commercial paper ratings under review for a possible downgrade.

The action affects about $2.5 billion worth of debt.

"The review will focus on Honda's ability to rebuild its earnings and debt-protection measurements, which have been weakened because of sluggish auto demand in Japan and market share erosion in North America," a Moody's release says.

"The review will consider Honda's ability to use its North American and European production facilities to offset an erosion of its price competitiveness in non-Japanese markets caused by the appreciation of the yen, and the implications of this strategy on the company's domestic manufacturing and employment base," the release says.

Ratings under review are:

* Honda Motor Company, Ltd.'s A1 Eurobonds and Prime-1 commercial paper rating.

* Honda International Finance B.V.'s A1 medium-term notes and Prime-1 commercial paper rating.

* American Honda Motor Co.'s Prime-1 commercial paper rating.

* American Honda Finance Corp.'s A1 medium-term notes and Prime-1 commercial paper.

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