SECURITIES

World Sales of New Securities Surged 29% in 1993: Sales climbed to a record $1.47 trillion, enriching Wall Street in the process. The lowest U.S. bond yields in 30 years, record stock prices and booming investor demand sparked the increase from 1992’s $1.14 trillion, the previous record, according to information compiled by Securities Data Co. Last year was “a great year for Wall Street,” said New York Stock Exchange Chairman William Donaldson. “An explosive growth in mutual funds,” caused by investors seeking higher returns, drove securities higher, he said. Wall Street is not looking for a repeat in 1994. Companies that sold bonds last year to refinance older ones with higher interest coupons are unlikely to issue as much debt in the year ahead.