Two foreign bank units issued a total of $250 million in subordinated debt in the United States on Wednesday.

A unit of Banco Espanol de Credito issued $150 million of 10-year subordinated notes. The 8 1/4% notes were priced to yield 8.32%, 142 basis points over 10-year U.S. Treasury notes. Banco Espanol, known as Banesto, is the first Spanish bank to issue subordinated debt in the United States.

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