By Aleesia Forni
Virginia Beach, Jan. 24 - PNC Bank NA priced $1.75 billion of notes (A2/A/) in two parts on Thursday, according to a market source.
The company priced $1 billion of 1.125% notes due 2017 at 99.853 to yield 1.175%, or Treasuries plus 42 basis points.
There was also a $750 million issue of 2.2% notes due 2019 priced with a spread of 65 bps over Treasuries.
Pricing was at 99.802 to yield 2.242%.
Both tranches sold at the tight end of talk.
Proceeds will be used for general corporate purposes.
The joint bookrunners were PNC Bank, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Goldman Sachs & Co.
The subsidiary of PNC Financial Services Group is based in Pittsburgh.
| Issuer: | PNC Bank NA
|
| Issue: | Notes
|
| Amount: | $1.75 billion
|
| Joint bookrunners: | PNC Bank, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Goldman Sachs & Co.
|
| Trade date: | Jan. 23
|
| Settlement date: | Jan. 28
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
|
|
| Notes due 2017
|
| Amount: | $1 billion
|
| Maturity: | Jan. 27, 2017
|
| Coupon: | 1.125%
|
| Price: | 99.853
|
| Yield: | 1.175%
|
| Spread: | Treasuries plus 42 bps
|
| Price talk: | Treasuries plus 45 bps area, tightened from mid-50 bps area
|
|
|
| Notes due 2019
|
| Amount: | $750 million
|
| Maturity: | Jan. 28, 2019
|
| Coupon: | 2.2%
|
| Price: | 99.802
|
| Yield: | 2.242%
|
| Spread: | Treasuries plus 65 bps
|
| Price talk: | Treasuries plus 70 bps area, tightened from high-70s bps area
|
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