By Aleesia Forni
Virginia Beach, Sept. 15 – PNC Bank NA sold $1 billion of senior notes (A2/A/A+) in two parts on Monday, according to a market source.
The sale included $500 million of 1.5% notes due 2017 priced at 99.981 to yield 1.506%, or Treasuries plus 45 basis points.
Pricing was at the tight end of the Treasuries plus 48 bps area talk.
A second tranche was $500 million of 2.4% notes due 2019 sold at 99.927 to yield 2.415%, or Treasuries plus 62.5 bps.
The notes sold at the tight end of talk, which was set in the area of Treasuries plus 65 bps area.
The bookrunners were Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Goldman Sachs & Co. and PNC Capital Markets LLC.
PNC is a Pittsburgh-based bank and holding company.
| Issuer: | PNC Bank NA
|
| Issue: | Senior notes
|
| Amount: | $1 billion
|
| Joint bookrunners: | Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Goldman Sachs & Co., PNC Capital Markets LLC
|
| Trade date: | Sept. 15
|
| Settlement date: | Sept. 18
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
| Fitch: A+
|
|
|
| Three-year notes
|
| Amount: | $500 million
|
| Maturity: | Oct. 18, 2017
|
| Coupon: | 1.5%
|
| Price: | 99.981
|
| Yield: | 1.506%
|
| Spread: | Treasuries plus 45 bps
|
| Price talk: | Treasuries plus 48 bps area
|
|
|
| Five-year notes
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| Amount: | $500 million
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| Maturity: | Oct. 18, 2019
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| Coupon: | 2.4%
|
| Price: | 99.927
|
| Yield: | 2.415%
|
| Spread: | Treasuries plus 62.5 bps
|
| Price talk: | Treasuries plus 65 bps area
|
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