J.P. Morgan's $250 million in notes priced at 3.65%.

NEW YORK -- A $250 million issue of J.P. Morgan (Delaware) bank notes, due Oct. 28, 1993, was priced at par to yield 3.65% initially.

The notes will be reoffered at various prices through First Boston Corp.

The noncallable notes are rated triple-A by both Moody's Investors Service Inc. and Standard & Poor's Corp.

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