Bankers Trust Securities Corp., the securities subsidiary of Bankers Trust New York Corp., is offering $200 million in three-year, floating rate Euronotes.

Offered through by PaineWebber and Lehman Brothers International, the notes have a coupon of 26 basis points over the three month London interbank offered rate.

While many commercial banks have been accessing the Eurobond market lately, it is less common to do so through an investment banking arm.

"Our strategy has been to have Bankers Trust Securities funding and capital as independent as possible," said Duncan Hennes, the treasurer at Bankers Trust.

"We think it's a good strategy in that we're diversifying by legal vehicle, and we think that's what the regulators intended and wanted," said Mr. Hennes.

The issue and reoffer price is 99.95.

Settlement is due Sept. 1, and interest is paid annually.

The Luxembourg-listed bonds are in denominations of $10,000 and $100,000.

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