First Union Corp. completed its biggest junk bond assignment ever this week, sole-managing a $300 million issue of senior subordinated notes for Galey & Lord Inc., a fabric manufacturer based in Greensboro, N.C.

The Charlotte, N.C.-based banking company is touting the deal as a milestone for its junk bond effort, which was inaugurated in April 1995. First Union led $2.7 billion in junk bond offerings last year.

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