Bank of America, Morgan Stanley, PNC Financial, PNC Bank, Comerica price; inflows rise

By Cristal Cody

Tupelo, Miss., July 18 – Financial issuers came out to tap the high-grade primary market on Thursday with new bond deals after releasing earnings reports this week.

Bank of America Corp., Morgan Stanley, PNC Financial Services Group, Inc., PNC Bank, NA, Comerica Inc. and Comerica Bank, and Royal Bank of Canada all priced new issues.

High-grade corporate issuers have priced more than $14 billion of bonds week to date with volume heaviest on Monday and Thursday.

About $25 billion to $30 billion of supply was forecast by market sources for the week.

Lipper US Fund Flows reported Thursday that corporate investment-grade fund inflows climbed to $3.65 billion for the week ended Wednesday from $570 million in the previous week.

The Markit CDX North American Investment Grade 32 index firmed about 1 basis point on Thursday to a spread of 53 bps.

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