In Brief: NationsBank Markets $500M of Euronotes

NationsBank Corp. brought $500 million of six-year, floating-rate Euronotes to market Wednesday.

The bonds were offered at a coupon of 15 basis points over the three- month London interbank offered rate.

The issue is the second $500 million offering from the bank in less than a year. The previous issue was a five-year deal.

"Last year's deal helped introduce us and gave us a little more name recognition," said John Mack, NationsBank's treasurer. "We clearly had the benefit of that this year."

U.S. banks have been wearing a path to the receptive European investor market, with Comerica Inc. and Wachovia Corp. also issuing debt recently.

Merrill Lynch International Ltd., leader of last year's NationsBank debt issue, led this offering as well.

Mr. Mack said the proceeds would be used to fund earning asset growth and to advance money to subsidiaries.

NationsBank's outstanding senior debt is rated A2 by Moody's Investors Service Inc. and A by Standard & Poor's Corp.