Bond investors have gobbled up Sovereign Bancorp's $700 million in debt because of highly attractive yields, analysts said Wednesday.

The bonds were issued Nov. 11 to finance Sovereign's purchase of 278 branches that are being spun off as a result of the merger between Fleet Financial Corp. and BankBoston Corp., which created FleetBoston Financial Corp.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.