Key Bank USA, principal unit of Cleveland-based KeyCorp., issued $100 million in 2-year bank notes. The issue was priced to yield 6.183%, or 12.5 basis points over comparable Treasuries.
One trader said the pricing was "excellent" for the bank. The sector usually trades between 16 to 20 basis points over Treasuries, he said.
Lead underwriter on the issue Tuesday was UBS Securities Inc. It was rated Aa3 by Moody's Investors Service Inc. and A by Standard & Poor's.
Norwest Finance Inc., a subsidiary of Norwest Corp., issued $100 million in three-year, medium-term notes Tuesday. The Des Moines-based unit came to the capital markets with a noncallable issue priced to yield 6.411%, or 20 basis points over comparable Treasuries.
One analyst called the pricing attractive.
Lead underwriter was BA Securities Inc. Moody's rated the issue Aa3, while Standard & Poor's rated it AA-minus.
CIT Group, a Livingston, N.J., unit of Dai-Ichi Kangyo Bank Ltd. and Chase Manhattan Corp., came to the capital markets Tuesday with a $100 million issue of three-year notes.
The noncallable issue was priced to yield 6.42% or a spread of 20 basis points above comparable Treasuries.
UBS Securities Inc. was the lead underwriter. Moody's rated the notes Aa3, while Standard & Poor's rating was A-plus.