J.P. Morgan & Co. on Wednesday issued $295 million of French franc- denominated debt in Paris.

The issue of 12-year debt, led by a Paris subsidiary of the U.S. bank, had a coupon of 6.625%. The reoffer spread is 20 basis points over French government bonds due in 2008, currently yielding 6.53%.

Moody's Investors Service rated the debt AA2. Standard & Poor's rated it AA-plus.

The issue was sold in denominations of 10,000, 100,000, and 1 million francs, or approximately $2,000, $20,000, and $200,000.

The selling fee and management and underwriting fee were 0.20% each.

In New York earlier this week, a $450 million two-part issue of debt from Swiss Bank Corp.'s New York branch was priced through joint lead underwriters SBC Warburg Inc. and Merrill Lynch & Co.

According to BondData Corporate Service, the first tranche, $150 of 10- year notes was priced at 7.25% to yield 7.30%, or 53 basis points over comparable Treasury securities.

The second tranche, $300 million of 30-year debentures, was priced at 7.75% to yield 7.784%, a spread of 77 basis points over Treasuries.

The notes, which are rated AA2 by Moody's and AA by Standard & Poor's, are noncallable.

KeyBank of New York's $165 million issue of subordinated debt was assigned a rating of A-plus by Duff & Phelps Credit Rating Co.

Duff said the rating reflected the New York bank's "strong financial performance, and the integral role the institution plays in adding business-line diversity" to its parent, KeyCorp, of Cleveland.

Duff also placed $145 million of BB-rated senior unsecured notes of Olympic Financial Ltd. on "rating watch-uncertain," noting the auto finance company's plan to find an acquirer.

Duff said the rating watch was unlikely to result in a downgrade. "We do not expect a lower-rated entry to acquire Olympic," the rating agency said.

- Compiled from wire reports by Stephen Kleege

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