PNC Bank offers two tranches of dollar-denominated notes due 2023

By Cristal Cody

Tupelo, Miss., Feb. 20 – PNC Bank, NA plans to price two tranches of dollar-denominated subordinated notes due Feb. 24, 2023 (A2/A-/A+) on Thursday, according to a market source.

The deal includes three-year floating-rate notes that will price with the Libor benchmark and three-year fixed-to-floating rate notes.

The fixed-to-floating rate notes are talked to price at the mid-to-high 40 basis points over Treasuries area.

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and PNC Capital Markets LLC are the bookrunners.

PNC Bank is a subsidiary of PNC Financial Services Group, Inc., a Pittsburgh-based financial services holding company.

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