The transaction is the first such asset-backed deal to be handled by an underwriting group comprising only banks.

Goldman, Sachs & Company leads the underwriting group for the sale.

The announcement came a week after the company sold $80 million worth of 8.70 percent 40-year notes through an underwriting group led by Salomon Brothers.

Merrill led the underwriting group that submitted the winning bid on the competitive issue.

The five underwriters represent an expansion of the city's underwriting group.

Traders outside the underwriting group said the offering appeared to be successful.

Merrill Lynch & Company was lead manager of the underwriting group.

The underwriting group said that for some investors the bonds might be subject to the Federal alternative minimum tax.

Chase said it had granted the underwriting group an option to buy up to 900,000 additional shares.

Paine Webber, which led the underwriting group, declined to comment.