Reliance Group Holdings Inc. is expected to price its two-part $650 million offering today, but some junk players say the deal - or at least some of it - may be a tad "rich" for their tastes.

Price talk calls for the $350 million of senior notes due 2000 to yield 8 7/8% to 9 1/8%, while talk of the $300 million of senior subordinated debentures due 2003 is 9 5/8% to 9 7/8%, through lead manager Donaldson, Lufkin & Jenrette Securities Corp.

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