PNC, Citrix, Lear tap high-grade market; Council of Europe, FHLBank price; inflows dip

By Cristal Cody

Tupelo, Miss., Feb. 20 – The investment-grade primary market remained active on Thursday with a handful of issuers following more than $29 billion of volume in the previous two sessions.

PNC Bank, NA priced a $1.5 billion two-part offering of three-year subordinated notes.

Citrix Systems, Inc. sold $750 million of 10-year split-rated senior notes after holding fixed income investor calls on Wednesday.

Lear Corp. brought $650 million of new and reopened senior notes in two parts.

Meanwhile, the sovereign, supranational and agency primary market was active during the session.

The Council of Europe Development Bank sold $1 billion of five-year senior global notes.

In addition, the Federal Home Loan Bank System priced $2 billion of new three-year Global bonds.

Week to date, more than $32 billion of high-grade corporate bonds have priced.

About $25 billion to as much as $40 billion of deal volume was forecast by market sources for the holiday-shortened week.

Corporate investment-grade fund inflows remained strong over the past week ended Wednesday but down from the prior week.

Inflows totaled $5.14 billion, compared to $6.23 billion of inflows reported in the previous week and $4.9 billion in the prior week, according to Lipper US Fund Flows on Thursday.

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