In Briefs: BankAmerica Seeks To Issue New Securities

BankAmerica Corp. has filed a $1.5 billon shelf registration to issue quarterly income preferred securities, or QUIPS.

QUIPS - which fall into a category of debt that is also marketed as trust originated preferred securities, or TOPRS - are the only securities that enable banks to meet regulatory requirements and take take a tax deduction on the proceeds.

The Federal Reserve approved the use of the hybrid securities in October.

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