Banc One Bringing $500M, Fifth Third $250M of Bonds to Market

Two Ohio-based banks are expected to bring a total of $750 million in bonds to market this week.

Cincinnati-based Fifth Third Bancorp is due in the market today with $250 million of 10-year subordinated bonds at the bank level. An infrequent issuer into the capital market, Fifth Third is expected to receive a positive reception from the market, said Allerton G. Smith, a fixed-income analyst at Donaldson, Lufkin & Jenrette.

Meanwhile, the market is anticipating $500 million of subordinated bonds from Columbus-based Banc One Corp. The holding company debt will be split into $250 million of 10-year noncallable issues, and $250 million of 30- year noncallable issues.

"Banc One is taking advantage of a favorable climate to do longer-dated paper," said Mr. Smith.

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