By Aleesia Forni
Virginia Beach, July 16 – PNC Bank NA was in Thursday’s market pricing $1.5 billion of senior bank notes (A2/A/A+) in two parts, a market source said.
The bank’s offering included a $750 million 1.85% notes due 2018 priced at 99.988 to yield 1.854% with a spread of 82 basis points over Treasuries.
The notes sold at the tight end of guidance set in the 85 bps area over Treasuries.
Also, $750 million of 2.6% notes due 2020 priced at Treasuries plus 97 bps. The issue sold at 99.93 to yield 2.615%.
Guidance was in the 100 bps area over Treasuries.
Proceeds will be used for general corporate purposes.
Bookrunners were Barclays, Goldman Sachs & Co., J.P. Morgan Securities LLC and PNC Capital Markets LLC.
PNC is a Pittsburgh-based bank and holding company.
| Issuer: | PNC Bank NA
|
| Issue: | Senior bank notes
|
| Amount: | $1.5 billion
|
| Bookrunners: | Barclays, Goldman Sachs & Co., J.P. Morgan Securities LLC, PNC Capital Markets LLC
|
| Trade date: | July 16
|
| Settlement date: | July 21
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
| Fitch: A+
|
|
|
| Three-year notes
|
| Amount: | $750 million
|
| Maturity: | July 20, 2018
|
| Coupon: | 1.85%
|
| Price: | 99.988
|
| Yield: | 1.854%
|
| Spread: | Treasuries plus 82 bps
|
| Price guidance: | Treasuries plus 85 bps area
|
|
|
| Five-year notes
|
| Amount: | $750 million
|
| Maturity: | July 21, 2020
|
| Coupon: | 2.6%
|
| Price: | 99.93
|
| Yield: | 2.615%
|
| Spread: | Treasuries plus 97 bps
|
| Price guidance: | Treasuries plus 100 bps area
|
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