A $100 million issue of Bank of Boston Corp. 10-year subordinated debt was offered through underwriters led by Merrill Lynch & Co.
The 6.875% notes were priced at 99.866 to yield 6.89%, 103 basis points above U.S. Treasuries.
The issue was expected to be rated Baa2 by Moody's Investors Service Inc. and BBB-minus by Standard & Poor's Corp.