NEW YORK - First Chicago Corp. issued $1 billion of floating rate certificates backed by credit card receivables, according to co-lead manager Salomon Brothers.

The $500 million series 1995-M certificates, which float at the one- month London interbank offered rate plus 24 basis points, have a 6.365% initial coupon priced at 100, according to Salomon Brothers. Their average life is 7.03 years.

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.