CONSUMERS <CMS> SELLS BONDS IN TWO TRANCHES
Consumers Power Co is raising 250 mln
dlrs through a two-tranche offering of first mortgage bonds,
said lead manager Morgan Stanley and Co Inc.
    A 150 mln dlr offering due 1992 was given a nine pct coupon
and par pricing to yield 112.5 basis points over comparable
Treasuries. This tranche is non-callable for life.
    A companion 100 mln dlr issue maturing in 1997 was assigned
a 9-5/8 pct coupon and priced at 98.50 to yield 9.703 pct, or
143 basis points over Treasuries. These bonds are non-callable
for five years.
    The debt is rated Baa-3 by Moody's, BBB-minus by S and P.
 Reuter
