Midday Commentary: Secondary rally continues on light volumes; PNC notes trade tighter

By Aleesia Forni

Columbus, Ohio, Jan. 25 - The investment-grade secondary market saw tightening in PNC Bank NA's recent issuance, one trader said on Friday.

"Seems like the rally continues on light volumes," the trader added of the overall market's tone.

PNC Bank's $750 million of 0.8% three-year senior bank notes tightened 2 basis points to 43 bps bid, 41 bps offered.

The notes were quoted flat at 45 bps bid on Thursday following Wednesday's sale at a spread of Treasuries plus 45 bps.

The $750 million tranche of 2.95% 10-year subordinated notes traded 5 bps tighter compared to Thursday's levels at 115 bps bid, 113 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.

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

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