PNC Capital Markets Inc., a PNC Bank Corp. unit, has hired a research analyst from NationsBanc Montgomery Securities Inc. to head its corporate bond research group, focusing on high-yield securities.

Michael C. Smith is to join the banking company Monday. He will be based in Pittsburgh and report to Tim Gigliotti, head of high-yield capital markets.

PNC has built a junk bond shop-including about four bond analysts who will report to Mr. Smith-since winning Federal Reserve Board approval to underwrite and deal in these securities last year. Before joining PNC, Mr. Smith was a junk bond analyst for three years at Montgomery, the San Francisco securities unit of BankAmerica Corp. He focused on metals and mining, a strong segment for PNC.

Separately, Montgomery hired a senior research analyst to cover the satellite telecommunications sector. J. Armand Musey was previously an analyst at Merrill Lynch & Co. He will be based in New York and report to Thomas A. Thornhill 3d, Montgomery's research director.

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