An offering of $100 million

An offering of $100 million in subordinated notes was made by Bankers Trust New York Corp. The offering, lead managed by Lehman Brothers Inc., were priced 96 basis points over Treasuries with a coupon of 9%.

Traders said initial sales of the bonds were slow because investors perceived them as overpriced. But the Fed's move to lower interest rates prompted a rally in the Treasury market and made all bonds more attractive. "They're starting to move," one trader said.

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