Midday Commentary: PNC Bank's recent notes trading flat to wider in secondary market

By Aleesia Forni

Columbus, Ohio, Jan. 24 - Wednesday's issuance from PNC Bank NA was trading unchanged to weaker in the investment-grade secondary market on Thursday, a market source said.

The trader quoted the $750 million of 0.8% three-year senior bank notes flat at 45 basis points bid, 43 bps offered following Wednesday's sale at a spread of Treasuries plus 45 bps.

Meanwhile, the $750 million tranche of 2.95% 10-year subordinated notes traded 3 bps wider at 120 bps bid, 117 bps offered.

The notes were sold with a spread of 117 bps over Treasuries.

The $1.75 billion sale also included $250 million of three-year floating-rate senior bank notes, which were sold at par to yield Libor plus 31 bps.

The subsidiary of PNC Financial Services Group is based in Pittsburgh.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.