By Andrea Heisinger
New York, Oct. 17 - PNC Bank NA priced $1 billion of 2.7% 10-year subordinated notes on Wednesday at a spread of Treasuries plus 90 basis points, an informed source said.
The notes (A3/A-/A) were sold at the tight end of talk in the 95 bps area.
Pricing was at 99.991 to yield 2.701%.
Bookrunners were Bank of America Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and PNC Capital Markets LLC.
The subsidiary of PNC Financial Services Group is based in Pittsburgh.
| Issuer: | PNC Bank NA
|
| Issue: | Subordinated notes
|
| Amount: | $1 billion
|
| Maturity: | Nov. 1, 2022
|
| Bookrunners: | Bank of America Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC
|
| Coupon: | 2.7%
|
| Price: | 99.991
|
| Yield: | 2.701%
|
| Spread: | Treasuries plus 90 bps
|
| Trade date: | Oct. 17
|
| Settlement date: | Oct. 22
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A
|
| Price talk: | 95 bps area
|
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