First Chicago Corp. and Westdeutsche Landesbank Girozentrale issued a total of $700 million of subordinated debt this week.
First Chicago on Tuesday sold $200 million of 10-year subordinated notes through underwriters led by Salomon Brothers Inc. The notes were priced to yield 6.91%, 84 basis points over the 10-year Treasury notes.
A spokeswoman said tightening yield spreads and low interest rates attracted the bank to the market. First Chicago's last issue of subordinated debt, in January, was priced to yield 7.69%, equal to a spread of 102 basis points over Treasuries, according to Securities Data Co.
Westdeutsche Landesbank's New York branch late Monday issued $500 million of 12-year subordinated notes.