By Aleesia Forni
Virginia Beach, Va., Aug. 20 - PNC Bank NA priced on Tuesday a $750 million issue of 1.3% notes (A2/A/A+) due Oct. 3, 2016 with a spread of Treasuries plus 62 basis points, an informed source said.
The notes priced at the tight end of talk, which was set in the area of Treasuries plus 65 bps.
Pricing was at 99.908 to yield 1.33%.
The joint bookrunners were PNC Bank, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.
Proceeds will be used for general corporate purposes.
The subsidiary of PNC Financial Services Group is based in Pittsburgh.
| Issuer: | PNC Bank NA
|
| Amount: | $750 million
|
| Maturity: | Oct. 3, 2016
|
| Securities: | Notes
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, PNC Bank
|
| Coupon: | 1.3%
|
| Price: | 99.908
|
| Yield: | 1.33%
|
| Spread: | Treasuries plus 62 bps
|
| Trade date: | Aug. 20
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Price talk: | Treasuries plus 65 bps area
|
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