Citicorp and Chemical Bank each issued $150 million in floating-rate subordinated debt on Monday.

Citicorp made its 12-year offering in the Euromarkets. The issue carries a coupon of 12.5 basis points under the six-month London interbank offered rate.

The minimum coupon is 6%, and the maximum 10%. The lead manager was Kidder Peabody International Ltd.

Euromarket Savings

The issue saved Citicorp roughly 8 to 10 basis points compared with a domestic issue, a capital markets source said.

Proceeds will refinance higher-cost subordinated debt, rather than boost Tier 2 capital, the source said.

Citicorp last month called $250 million of 10 7/8% subordinated debt due 2010, he noted.

Citicorp's new issue is rated Baa3 by Moody's Investors Service and BBB-plus by Standard & Poor's Corp.

Chemical's seven-year notes were priced to yield 42 basis points over three-month Libor.

The issue, rated Baa1 by Moody's and A by S&P, is noncallable for five years. Lehman Brothers was lead manager.

B of A Offering

Also on Monday, BankAmerica Corp. issued $100 million of medium-term notes due June 1, 1996, and priced initially at par to yield 5%, said lead manager Donaldson, Lufkin & Jenrette Securities Corp.

The notes yield 50 basis points over comparable U.S. Treasuries.

Noncallable for life, the issue is expected to be rated A2 by Moody's and A by Standard and Poor's.

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