New Issue: PNC Bank prices $1 billion 1.45% three-year notes with 62.5 bps spread

By Cristal Cody

Eureka Springs, Ark., July 26 – PNC Bank NA sold $1 billion of 1.45% three-year notes on Tuesday at a spread of 62.5 basis points over Treasuries, according to a market source.

The notes (A2/A/A+) priced on the tight side of talk in the 65 bps area over Treasuries and from initial guidance in the low 70 bps area.

Citigroup Global Markets Inc., Barclays, J.P. Morgan Securities LLC and PNC Capital Markets LLC were the lead managers.

Pittsburgh-based PNC Bank is a subsidiary of PNC Financial Services Group, Inc.

Issuer:	PNC Bank NA
Amount:	$1 billion
Description:	Notes
Maturity:	July 29, 2019
Bookrunners:	Citigroup Global Markets Inc., Barclays, J.P. Morgan Securities LLC, PNC Capital Markets LLC
Coupon:	1.45%
Spread:	Treasuries plus 62.5 bps
Trade date:	July 26
Ratings:	Moody’s: A2
	S&P: A
	Fitch: A+
Price guidance:	Treasuries plus 65 bps area, tightened from Treasuries plus low 70 bps area

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