At the 103 offering, the yield came to 6.95% to maturity, 6.68% to the 1999 par call, and 6.99% to the premium call in 1993. Returning to today's New Jersey note sale, tradres said they expected strong demand for the issue. Note prices moved sharply higher yesterday and yields fell 15 to 20 basis points on a inflow of cash from the July 1 coupon payment date and on the new of a delay in the big California sale until early next week. In late trading, New York State 5.40% tax and revenue anticipation notes were being quoted at 5.02% bid, 5% offered. The market for Los Angeles County 5% Trans was at 4.33% bid, 4.30% offered near the close. Moody's yesterday assigned a MIG-1 rating to the New Jersey note issue -- the state's first external borrowing for operations. In arriving at its rating, Moody's said that "satisfactory margins of coverage provided by pledged revenues and the general credit strength of the state provide highest quality security."