HONOLULU--Bank of Hawaii has issued $ 100 million of medium-term bank notes due Oct. 16, 1995.

The initial interest rate on the notes is 3.38%. The rate will be reset quarterly at the three-month, London interbank offered rate.

The noncallable issue, rated Aa3 by Moody's Investors Service Inc. and A-plus by Standard & Poor's Corp., accrues interest from settlement on Oct. 15.

The notes were sold through Salomon Brothers Inc., First Boston Corp., and Merrill Lynch & Co.

The proceeds will be used for general corporate purposes, the company said.

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