Morning Commentary: PNC Financial Services, EPR, Kommuninvest prep bond deals; PNC Bank flat

By Cristal Cody

Tupelo, Miss., May 16 – Several investment-grade issuers are expected to tap the primary market on Tuesday following heavy issuance in the previous session.

PNC Financial Services Group, Inc., EPR Properties and Kommuninvest I Sverige AB plan to price bonds.

PNC Financial Services’ subsidiary, PNC Bank, NA, also is conducting a concurrent private offering of senior bank notes.

Kommuninvest (Aaa/AAA) is offering $500 million of four-year dollar green bonds in a Rule 144A and Regulation S deal.

The notes due June 1, 2021 were initially talked to price in the mid-swaps plus low teens basis points area.

Credit Agricole CIB, HSBC and JPMorgan are the arrangers.

In the secondary market, PNC Bank’s 2.625% notes due Feb. 17, 2022 were flat but improved from Friday.

On Monday, $15.42 billion of investment-grade issues were traded, according to Trace.

PNC Bank unchanged

PNC Bank’s 2.625% notes due Feb. 17, 2022 were unchanged at 100.84 in the secondary market early Tuesday, a source said.

The notes traded on Friday at 100.61.

The bank priced a $250 million reopening of the notes (A2/A/A+) on March 6. PNC Bank originally sold $1 billion of the notes on Feb. 14.

Pittsburgh-based PNC Bank is a subsidiary of PNC Financial Services Group.

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