Chase Manhattan Corp. and BankAmerica Corp. launched two blockbuster defense-industry loans on Friday, providing $12 billion in fresh assets to a market starved for deals.

Banks seemed eager to participate in the two investment-grade loans, which include a $7 billion credit for Raytheon Co. and a $5 billion loan for Hughes Aircraft Co. Several banks committed to the deals as early as Thursday night, lenders said.

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