J. P. Morgan Securities Inc. underwrote a $125 million subordinated debt issue for First Bank System Inc. The offering is believed to be the first time a bank holding company's securities subsidiary has underwritten a subordinated debt deal for another bank.

The 8% notes were priced at 99.832 to yield 8.02%. The maturity is July 2, 2004, and the notes were rated Baal by Moody's Investors Service Inc. and BBB-plus by Standard & Poor's Corp.

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