By Cristal Cody
Tupelo, Miss., July 25 – PNC Bank, NA placed $1.25 billion of senior bank notes (A2/A/A+) in two tranches on Tuesday, according to a market source.
The bank sold $500 million of five-year floating-rate notes at Libor plus 50 basis points, tighter than talk in the Libor plus 53 bps area.
PNC Bank priced $750 million of 2.45% five-year fixed-rate notes at a spread of Treasuries plus 57 bps. The notes priced on the tight side of guidance in the Treasuries plus 60 bps area, plus or minus 3 bps.
Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and PNC Capital Markets LLC were the bookrunners.
PNC Bank is a subsidiary of PNC Financial Services Group, Inc., a Pittsburgh-based financial services holding company.
| Issuer: | PNC Bank, NA
|
| Amount: | $1.25 billion
|
| Description: | Senior bank notes
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and PNC Capital Markets LLC
|
| Trade date: | July 25
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: A+
|
|
|
| Five-year floaters
|
| Amount: | $500 million
|
| Maturity: | July 28, 2022
|
| Coupon: | Libor plus 50 bps
|
| Price guidance: | Libor plus 53 bps area
|
|
|
| Five-year notes
|
| Amount: | $750 million
|
| Maturity: | July 28, 2022
|
| Coupon: | 2.45%
|
| Spread: | Treasuries plus 57 bps
|
| Price guidance: | Treasuries plus 60 bps area, plus or minus 3 bps
|
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