MERRILL <MER> SELLS NEW ZEALAND DLR NOTES
Merrill Lynch and Co Inc is offering
in the domestic debt market 75 mln dlrs of New Zealand
dollar-denominated notes due 1988, said sole manager Merrill
Lynch Capital Markets.
    The notes were assigned a 20 pct coupon and priced at par
to yield 150 basis points below comparable New Zealand rates.
    Non-callable for life, the issue is rated A-1 by Moody's
and AA by Standard and Poor's Corp. The notes have an annual
interest coupon instead of paying interest semi-annually,
Merrill said.
 Reuter
