By Cristal Cody
Tupelo, Miss., Jan. 17 – PNC Bank, NA priced $2 billion of senior bank notes (A2/A/A+) in three tranches on Wednesday, according to a market source.
The bank sold $400 million of three-year floating-rate notes at Libor plus 25 basis points.
PNC Bank priced $900 million of 2.5% three-year fixed-rate notes at a spread of Treasuries plus 43 bps.
In the final tranche, the company sold $700 million of 3.25% 10-year notes with a Treasuries plus 73 bps spread.
Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, 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: | $2 billion
|
| Description: | Senior bank notes
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and PNC Capital Markets LLC
|
| Trade date: | Jan. 17
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: A+
|
|
|
| Three-year floaters
|
| Amount: | $400 million
|
| Maturity: | Jan. 22, 2021
|
| Coupon: | Libor plus 25 bps
|
|
|
| Three-year notes
|
| Amount: | $900 million
|
| Maturity: | Jan. 22, 2021
|
| Coupon: | 2.5%
|
| Spread: | Treasuries plus 43 bps
|
|
|
| 10-year notes
|
| Amount: | $700 million
|
| Maturity: | Jan. 22, 2028
|
| Coupon: | 3.25%
|
| Spread: | Treasuries plus 73 bps
|
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