TRAVELERS <TIC> UNIT SELLS MORTGAGE CERTIFICATES
Travelers Mortgage Services Inc, a
unit of Travelers Corp, is issuing nearly 75.2 mln dlrs of
mortgage pass-through certificates, said sole manager Morgan
Stanely and Co Inc.
    The certificates have a 6-1/2 pct coupon and initial price
of 89.6 for a bond equivalent yield of 8-1/2 pct. Morgan said
the certificates will be reoffered at various prices and have
an average life of 9.6 years.
    Principal and interest will be payed each month beginning
May 25. Standard and Poor's is expected to rate the
certificates AA, Morgan said.
     
 Reuter
