By Andrea Heisinger
New York, Jan. 23 - PNC Bank NA was in Wednesday's market to sell $1.75 billion of notes (A2/A-/) in three tranches, a source close to the trade said.
The sale included $250 million of three-year floating-rate senior bank notes sold at par to yield Libor plus 31 basis points.
There was $750 million of 0.8% three-year senior bank notes priced at 99.979 to yield 0.807% with a spread of Treasuries plus 45 bps. The notes were initially talked in the 50 bps area over Treasuries.
Finally, a $750 million tranche of 2.95% 10-year subordinated notes sold at 99.639 to yield 2.992% with a spread of 117 bps over Treasuries. Initial whispers on the tranche were in the 125 bps area.
None of the notes have a call option.
Bookrunners were Citigroup Global Markets Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC and PNC Capital Markets LLC.
The subsidiary of PNC Financial Services Group is based in Pittsburgh.
| Issuer: | PNC Bank NA
|
| Amount: | $1.75 billion
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC, PNC Capital Markets LLC
|
| Trade date: | Jan. 23
|
| Settlement date: | Jan. 28
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
|
|
| Three-year floaters
|
| Amount: | $250 million
|
| Issue: | Senior bank floating-rate notes
|
| Maturity: | Jan. 28, 2016
|
| Coupon: | Libor plus 31 bps
|
| Price: | Par
|
| Yield: | Libor plus 31 bps
|
| Call: | Non-callable
|
|
|
| Three-year notes
|
| Amount: | $750 million
|
| Issue: | Senior bank notes
|
| Maturity: | Jan. 28, 2016
|
| Coupon: | 0.8%
|
| Price: | 99.979
|
| Yield: | 0.807%
|
| Spread: | Treasuries plus 45 bps
|
| Call: | Non-callable
|
| Price talk: | 50 bps area
|
|
|
| 10-year notes
|
| Amount: | $750 million
|
| Issue: | Subordinated notes
|
| Maturity: | Jan. 30, 2023
|
| Coupon: | 2.95%
|
| Price: | 99.639
|
| Yield: | 2.992%
|
| Spread: | Treasuries plus 117 bps
|
| Call: | Non-callable
|
| Price talk: | 125 bps area
|
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