Copyright Dow Jones & Company Inc Apr 20, 1989The following were among yesterday's offerings and pricings in the U.S. and non-U.S. capital markets, with terms and syndicate manager, as compiled by Dow Jones Capital Markets Report:
Jersey Central Power & Light Co. -- $125 million of 10 1/8% first mortgage bonds due April 1, 2019, priced by a Shearson Lehman Hutton Inc. group at 99 to yield 10.23%. The bonds are nonrefundable for five years. The issue was priced 127 basis points above the rate of the Treasury 8 7/8% bonds due 2019. The bonds are rated single-A-2 by Moody's Investors Service Inc. and single-A-minus by Standard & Poor's Corp. The issuer is a unit of General Public Utilities Corp.
Carolina Power & Light Co. -- $100 million of 9.6% first mortgage bonds due April 1, 1991, priced by a Morgan Stanley & Co. group at 99.73 to yield 9.749%. The issue is noncallable. The bonds were priced 47 basis points above the rate of the Treasury two-year note. The bonds are rated single-A-2 by Moody's and single-A by S&P.
New Jersey Housing and Mortgage Finance Agency -- $80 million of home buyer revenue bonds, 1989 Series A and B, tentatively priced by a Bear, Stearns & Co. group to yield from 7.20% in 1993 to 7.92% in 2022 for bonds subject to the federal alternative minimum tax. Interest on the $19.2 million of Series A bonds, which are due 2009 and 2015, is not subject to the AMT. Interest on the $60.8 million of Series B bonds, which are due 1993-2004, 2018 and 2022, will be treated as a preference item in calculating the tax. Series A term bonds due 2009 are tentatively priced at par to yield 7.5%, and term bonds due 2015 are priced at par to yield 7.60%. Series B serial bonds, which are all priced at par, are tentatively priced to yield from 7.20% in 1993 to 7.70% in 2003 and 2004. Term bonds due 2018 are super-sinkers with an average life of 4.2 years, and are priced at par to yield 7.625%. Term bonds due 2022 have a 7 7/8% coupon and are priced at 99 1/2 to yield about 7.92%. The bonds are all insured and rated triple-A by Moody's and S&P.
Maine Municipal Bond Bank -- $77,245,000 of various tax-exempt bonds in a two-part offering through Kidder, Peabody & Co. There are $62.8 million of 1989 Series A bonds due 1990-2014. The Series A bonds, rated double-A by Moody's and S&P, were priced to yield from 6.80% in 1990 and 1991 to 7.40% in 2011-2014. There are $14,445,000 of 1989 Series B bonds, due 1990-2019. The Series B bonds, also rated double-A, were priced to yield from 6.80% in 1990 and 1991 to 7.45% in 2015-2019.
Texas -- $50 million of veterans' land general obligation bonds, due 1991-2004, 2008, 2013 and 2018, through a J.P. Morgan Securities Inc. group. The bonds, rated double-A by Moody's and S&P, were priced to yield from 7.20% in 19911993 to about 7.70% in 2018. Serial bonds are priced to yield to 7.50% in 2004. Term bonds due 2008 are priced at par to yield 7.6%. Term bonds due 2013, which carry a 7 5/8% coupon, are not being formally reoffered. Interest on the bonds will be treated as a preference item in calculating the federal alternative minimum tax.
World Bank (agency) -- $300 million of 9 3/4% bonds due May 10, 1996, priced at 101 3/4 to yield 9.78% less full fees, via Deutsche Bank Capital Markets. Fees 1 7/8.
Export-Import Bank of Japan -- $200 million of 9 3/4% bonds due May 19, 1999, priced at 101.55 to yield 9.82% less full fees, via Bank of Tokyo Capital Markets Ltd. Guaranteed by the government of Japan. Fees 2.
General Motors Acceptance Corp. (U.S.) -- $200 million of 10% bonds due May 18, 1994, priced at 101 1/2 to yield 10.10% less full fees, via Salomon Brothers International Ltd. Fees 1 7/8.
Credit Lyonnais (France) -- 125 million European currency units (about $139.7 million) of 9% bonds due May 10, 1996, priced at 101 3/4 to yield 9.02% less full fees, via Credit Lyonnais. Fees 1 7/8.
Thomson S.A. (France) -- 500 million French francs (about $79.7 million) of 9% bonds due May 12, 1995, priced at 101.45 to yield 9.45% less full fees, via Societe Generale. Fees 1 7/8.
Interfinco S.A. (Italian parent) -- $100 million of bonds due May 25, 1994, with equity-purchase warrants, paying a 7% coupon and priced at par via Salomon Brothers International. Guaranteed by Cofide S.p.A. Each $5,000 bond will carry not less than 109 warrants, each to buy 10 shares in Cie. Industriali Riunite at an expected premium of 15% to the closing share price when terms are fixed by May 25. Exercisable from Aug. 25, 1989, through May 18, 1992.
Allianz Finanz B.V. (West Germany) -- $200 million of bonds due May 10, 1996, with equity-purchase warrants, paying a 10% coupon priced at 134 1/2 via Dresdner Bank. Guaranteed by Allianz AG Holdings. Each $5,000 bond carries two warrants, one to buy one share, the other to buy five shares. Exercisable from May 24, 1989, through March 29, 1996, at 1840 marks a share. Tuesday's closing price was 1845 marks.
Allianz Finance B.V. (West German parent) -- 150 million Swiss francs (about $92.3 million) of bonds due May 10, 1996, with equity-purchase warrants, paying a fixed 5 3/4% coupon issued at 136 1/8, via Dresdner Bank (Schweiz). Guaranteed by Allianz AG Holdings of West Germany. Warrants exercisable from May 24, 1989, to March 29, 1996. Each 5,000 Swiss franc bond was issued with four warrants to buy one share in parent company Allianz AG Holdings at 1840 marks. Also, 500 million marks (about $270.1 million) of bonds due May 10, 1996, with equity-purchase warrants, paying a fixed 7% coupon and priced at 131 5/8, via Dresdner Bank. Guaranteed by Allianz AG Holdings. Each 5,000 mark bond carries two warrants, exercisable from May 24, 1989, through March 29, 1996, to buy a total of three company shares at 1840 marks a share.
Toyota Motor Credit Corp. (Japan) -- 150 million Canadian dollars (about US$127.2 million) of 11 3/8% bonds due May 25, 1992, priced at 101 3/4 to yield 11.22% less full fees, via J.P. Morgan Securities Ltd. Fees 1 3/8.
Federal National Mortgage Association -- $150 million of floating-rate notes due May 3, 1990, being offered by First Boston Corp. The rate on the notes will float weekly at 62.5 basis points above the rate on the three-month Treasury bill. No fixed price has been set for the notes. First Boston said the prices paid by investors will reflect market conditions at the time of the sale.
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