Sanwa Bank Ltd. raised $500 million of subordinated capital in the Euromarkets through a two-part issue via an offshore subsidiary.

Sanwa Finance Aruba issued $100 million of notes due July 2004, which pay one-half point above the three-month London interbank offered rate and have an issue price of par.

The unit also sold $400 million of floating-rate notes due October 2002, which pay one-half point above Libor until 1997, then 0.60 point above Libor until maturity.

Issue price is also par. The 10-year notes can be called after five years at par.

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