Rule: 424(b)(3)
File No: 333-62905
PRICING SUPPLEMENT NO. 1 DATED JANUARY 5, 1999
(To Prospectus Supplement dated September 25, 1998 and
Prospectus dated September 24, 1998)
FLEET FINANCIAL GROUP, INC.
SENIOR MEDIUM-TERM NOTES, SERIES N (The
"Senior Notes") and SUBORDINATED MEDIUM-TERM
NOTES, SERIES O (the "Subordinated Notes")
DUE 9 MONTHS OR MORE FROM DATE OF ISSUE
FLOATING RATE NOTE
Series N (Senior)[X] Series O (Subordinated)[ ]
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<S> <C> <C> <C>
Principal Amount: $25,000,000.00 CUSIP Number: 33900Q AP 9
Price to Public: See below Original Issue Discount (OID) Note: [ ]Yes [X]No
Issue Date: January 8, 1999 Total Amount of OID:
Maturity Date: January 8, 2002 Yield to Maturity:
Price (as % of principal): 100.00000% Initial Accrual Period OID:
Price to Issuer (as % principal): 99.944%
Specified Currency (if other than U.S. Dollars):
Interest Rate Basis:
[ ]CMT Rate [ ]Treasury Rate
Designated CMT Telerate Page: [ ]Federal Funds Rate
Designated CMT Maturity Index: [ ]Prime Rate
[ ]Commercial Paper Rate [ ]Other:
[X]LIBOR
LIBOR SCREEN
Telerate [X]
Reuters [ ]
Other [ ]
Index Maturity: 3 Month
Spread: plus 28 basis points
Spread Multiplier:
Maximum Interest Rate:
Minimum Interest Rate:
Initial Interest Rate: 5.34031%
Method of Calculation: Actual / 360 [X] Actual/Actual [ ] 30 / 360
[ ]One Business Day Prior to the
Interest Reset Date (No Rate Cutoff)
[ ]Two Business Days Prior to the
Interest Reset Date
[X]Two London Business Days Prior to the
Interest Reset Date
Initial Interest Reset Date: April 8, 1998
Interest Reset Dates: Quarterly on each Interest Payment Date
Interest Payment Dates: the 8th of each January, April, July and
October or next good business day commencing
April 8, 1999.
Regular Record Dates: (if other than the 15th day prior to each
Interest Payment Date)
Interest Reset Period: Quarterly
Interest Payment Period: Quarterly
Calculation Agent (if other than First National Bank of Chicago):
Redemption: [X]The Notes cannot be redeemed prior to
maturity
[ ]The Notes can be redeemed prior to
maturity
Initial Redemption Date:
Initial Redemption Percentage:
Annual Redemption Percentage
Reduction:
Repayment: [X]The Notes cannot be repaid prior to
maturity
[ ]The Notes can be repaid prior to
maturity, at the option of the holder
of the Note
Holder's Optional Repayment Date(s):
Index Currency: Place of Payment: Authorized Denomination:
(only if non-U.S. Dollar denominated)
Agent: Barclays Capital
Agent's Capacity: [X]As Principal [ ]As Agent
Delivery: DTC #2127
Additional Terms:
The Notes may be sold at varying prices related to prevailing market conditions.
Expenses:
The aggregate expenses, other than the Agents' Discounts and Commissions
specified in the Prospectus Supplement dated September 25, 1998 and the
Prospectus dated September 24, 1998, payable to Fleet Financial Group, Inc. are
estimated at up to $175,000, including reimbursement of the Agents' expenses,
based on an aggregate initial offering price of $2,000,000,000 of its Senior and
its Subordinated Notes.
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