Pennsylvania Power & Light issued a two-part first mortgage bond offering totalling $300 million. The first tranche consisted of $150 million of 7.75% bonds due 2022. The noncollable bonds were priced at 99.784 to yield 7.77%, or 55 basis points over comparable Treasuries. The second part consisted of $150 million of 8.5% bonds due 2022. Noncallable for 10 years, the bonds were priced at 99.784 to yield 8.52%, or 74 basis points over comparable Treasuries. Moody's rates the offering A2, while Standard & Poor's rates it A. First Boston Corp. lead managed the offering. Bank of New York issued $200 million of 4.2% bank notes due 1993. The noncallable notes were priced initially at par. Moody's rates the offering A1, while Standard & Poor's rates it A. First Boston Corp. managed the offering. Alabama Power issued $200 million of 8.50% first mortgage bonds due 2022.