Microstructural characteristics of Al-3.63wt.% Pb hyper-monotectic alloy rapidly-solidified by melt spinning were examined. Possibility of forming a planar liquid-solid interface during rapid solidification of this alloy was also considered with a morphological stability theory, and a mechanism of forming banded structure observed at the bottom parts of melt-spinned specimens was considered as well. Application of the absolute stability criterion predicts the liquid-solid interface of the primary aluminium phase to be able to maintain a planar interface during the early stage of rapid solidification. Formation of banded structure was supposed to be resulted from the release of latent heat during solidification, which affect the stability of a planar liquid-solid interface.