Chemical Bank became the second financial institution to sell subordinated debt under new regulatory guidelines that make it easier for lead banks of holding companies to issue this type of security.

The Chemical Banking Corp. unit issued $300 million of 10-year notes, priced to yield 7.35%. Goldman, Sachs & Co. is the underwriter.

MBNA America Bank, a unit of MBNA Corp., issued $200 million in subordinated debt earlier this week.

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