Central Fidelity Banks Inc. issued $150 million of 10-year subordinated notes.
The securities were priced to yield 8.15%, 135 basis points above the yield on 10-year Treasury notes. The issue sold out by afternoon, a market source said. Salomon Brothers was sole manager.
The issue by the Richmond, Va.-based banking company is rated Baa2 by Moody's and BBB by Standard & Poor's.