PNC Funding Corp., a unit of Pittsburgh-based PNC Financial Corp., issued $150 million of noncallable medium-term notes Monday, said sole manager J.P. Morgan Securities Inc.

The notes, which mature in May 1995, have a coupon of 4.875% and were priced to yield 4.911%, or 38 basis points more than the current three-year Treasury note. They are expected to be rated A2 by Moody's Investors Service and A by Standard and Poor's Corp.

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