By Cristal Cody
Tupelo, Miss., March 7 – PNC Bank NA priced a $250 million reopening of its 2.625% bank notes (A2/A/A+) due Feb. 17, 2022 on Monday at a spread of 65 basis points over Treasuries, according to a market source.
Citigroup Global Markets Inc. and PNC Capital Markets LLC were the bookrunners.
PNC Bank originally sold $1 billion of the notes on Feb. 14 at a Treasuries plus 68 bps spread. The total outstanding is $1.25 billion.
Pittsburgh-based PNC Bank is a subsidiary of PNC Financial Services Group, Inc.
| Issuer: | PNC Bank NA
|
| Amount: | $250 million reopening
|
| Description: | Bank notes
|
| Maturity: | Feb. 17, 2022
|
| Bookrunners: | Citigroup Global Markets Inc. and PNC Capital Markets LLC
|
| Coupon: | 2.625%
|
| Spread: | Treasuries plus 65 bps
|
| Trade date: | March 6
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: A+
|
| Total outstanding: | $1.25 billion, including $1 billion priced on Feb. 14 at 68 bps over Treasuries
|
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