PNC launces $2.9 bln, 3-part FDIC backed bond sale

NEW YORK Dec 17 (Reuters) - PNC Funding Corp, part of PNC Financial Services Group (PNC.N), on Wednesday launched a $2.9 billion, three part debt sale that will be backed by the Federal Deposit Insurance Corp, according to IFR.

The sale includes $2 billion in three and a half year fixed rate notes expected to price at around 48 basis points over mid-swaps and $500 million in two and half year fixed rate notes expected to price at around 28 basis points over mid-swaps, said IFR, a Thomson Reuters service.

The sale also includes $400 million in two and a half year floating rate notes expected to price at around 30 basis points over the three month London interbank offered rate, IFR said. Citigroup and JPMorgan are joint bookrunners on the deal.

(Reporting by Karen Brettell;)