J.P. Morgan & Co., rising rapidly as an underwriter of investment-grade bonds, is leading a $700 million issue for British Aerospace Finance Inc., a Delaware unit of a leading European defense manufacturer.

The issue, priced Thursday, was split into two parts: $200 million of 10-year notes priced to yield 7.039%-58 basis points more than Treasury securities-and $500 million of 30-year instruments priced to yield 7.563%, or 78 basis points over Treasuries. Moody's Investors Service rated the issue A-3, and Standard & Poor's gave it an A rating.

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