PNC Bank talks two-part offering of notes for Monday pricing

By Aleesia Forni

Virginia Beach, Oct. 27 – PNC Bank NA plans to sell a two-part offering of senior bank notes (A2/A/A+) on Monday, according to a market source.

The sale includes a tap of the bank’s existing 2.4% notes due Oct. 18, 2019 guided in the 85 basis points area over Treasuries.

The original $500 million of notes sold at Treasuries plus 62.5 bps on Sept. 15.

There is also a planned 10-year offering of notes talked in the Treasuries plus 115 bps area.

Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and PNC Capital Markets LLC are the joint bookrunners.

PNC is a Pittsburgh-based bank and holding company.

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