MIDLAND BANK UNIT ISSUES 900 MLN FRENCH FRANC FRN
Midland Bank International Financial
Services is issuing a 900 mln franc floating rate note due
April 15, 1997 at par, lead manager Societe Generale said.
    The deal, guaranteed by Midland Bank Plc, will pay interest
based on rates of French 13-week Treasury bills plus 55 basis
points in the first five years and plus 65 points for the rest.
    There is a short first coupon of 8.25 pct payable June 15.
The note is accompanied by 90,000 warrants priced at 220 francs
exercisable for five years into an 8.25 pct 10-year
non-callable bond.
    The note is callable at any payment date after the first
year. Denominations are of 10,000 and 100,000 francs. Co-leads
are Midland Bank SA and Samuel Montagu.
 REUTER
