SECURITY PACIFIC <SPC> UNIT OFFERS CERTIFICATES
Security Pacific Corp's Security
Pacific Merchant Bank said acting as lead manager it has
offered 270 mln dlrs in 30-year and 35 mln dlrs in 15-year
mortgage pass-through certificates.
    The offering is the second this year under an 800-mln-dlr
shelf registration. The first was for 310 mln dlrs.
    The mortgages were originated by Security Pacific in
California.
    The offering is co-managed by Kidder, Peabody and Co and
Shearson Lehman Brothers.
 Reuter
