PNC Financial Services Group Inc., which is to become the fifth-largest U.S. bank by deposits once it closes its deal to buy National City Corp., plans to sell $2.9 billion of notes backed by the Federal Deposit Insurance Corp., according to people familiar with the offering.

The benchmark sale is to be divided between $400 million of 2.5-year notes that may float at 28 basis points more than the three-month London interbank offered rate, or Libor, and $2.5 billion of fixed-rate securities due in 2.5 and 3.5 years, said one of the persons, who declined to be identified because the terms are not set.

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