Finance (Bermuda) Trust's $US 2 billion exchangeable notes 2002.

MBL is a new trust organised by Mitsubishi Bank Ltd. to issue the notes and lend the entire proceeds to the bank.

The bank's double A minus senior debt rating has been on creditwatch with negative implications since August 21, 1995. The creditwatch placement reflects the length and severity of the problems facing the Japanese banking sector and the impact this has had on overall industry risk.

But the bank has coped more successfully with this challenge that most of its peers and should continue to outperform the industry norm, said Bloomberg News Service.