New Issue: PNC Bank prices $1 billion of 2.625% five-year notes at 68 bps spread

By Cristal Cody

Tupelo, Miss., Feb. 14 – PNC Bank NA sold $1 billion of 2.625% five-year notes at a spread of 68 basis points over Treasuries on Tuesday, according to a market source.

The notes due Feb. 17, 2022 (A2/A/A+) priced on the tight side of talk in the Treasuries plus 70 bps area, plus or minus 2 bps.

Citigroup Global Markets Inc., Goldman, Sachs & Co., 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:	Feb. 17, 2022
Bookrunners:	Citigroup Global Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC and PNC Capital Markets LLC
Coupon:	2.625%
Spread:	Treasuries plus 68 bps
Trade date:	Feb. 14
Price guidance:	Treasuries plus 70 bps area, plus or minus 2 bps
Ratings:	Moody’s: A2
	S&P: A
	Fitch: A+

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