Midday commentary: Spreads mostly flat; PNC Financial notes unchanged; SunTrust firms

By Aleesia Forni

Virginia Beach, April 25 - The high-grade secondary market saw bond spreads mostly unchanged early during Friday's session.

Recent deals from SunTrust Banks Inc. and PNC Financial Services Group Inc. traded flat to tighter in the secondary market, a trader said.

SunTrust's $650 million of 2.5% notes (Baa1/BBB/BBB+) due 2019, which sold at Treasuries plus 80 basis points on Thursday, traded 1 bp tighter early Friday.

A trader quoted the issue at 79 bps bid, 77 bps offered.

The notes were quoted at 80 bps bid, 77 bpd offered late Thursday.

Barclays, Credit Suisse Securities (USA) LLC and SunTrust Robinson Humphrey Inc. were the bookrunners.

SunTrust is an Atlanta-based financial services company.

Meanwhile, PNC Financial's recent $750 million sale of subordinated notes (Baa1/BBB+/A) due 2024 traded flat at 122 bps bid, 121 bps offered, a trader said.

The notes priced with a spread of Treasuries plus 125 bps on Wednesday.

Goldman Sachs & Co., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and PNC Capital Markets LLC were the joint bookrunners.

PNC is a Pittsburgh-based bank and holding company.

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