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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.