New Issue: PNC Bank prices $325 million 6.875% 10-year bank notes at Treasuries plus 360 bps

By Andrea Heisinger

Omaha, March 18 - PNC Bank, NA priced $325 million 6.875% 10-year subordinated bank notes Tuesday to yield Treasuries plus 360 basis points, a market source said.

The notes (A1/A+) priced at 99.222 to yield 6.984%.

Bookrunners were Banc of America Securities LLC and J.P. Morgan Securities Inc.

The subsidiary of PNC Financial Services Group is based in Pittsburgh.

Issuer:	PNC Bank, NA
Issue:	Subordinated bank notes
Amount:	$325 million
Maturity:	April 1, 2018
Bookrunners:	Banc of America Securities LLC, J.P. Morgan Securities Inc.
Coupon:	6.875%
Price:	99.222
Yield:	6.984%
Spread:	Treasuries plus 360 bps
Trade date:	March 18
Settlement date:	March 25
Ratings:	Moody's: A1
	Standard & Poor's: A+

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