By Cristal Cody
Tupelo, Miss., July 23 – PNC Bank, NA sold $750 million of 4.05% 10-year subordinated notes (A3/A-/A) on Monday at a spread of 112 basis points over Treasuries, according to a market source.
The notes were initially talked to price with a spread in the Treasuries plus 130 bps area, with guidance later tightened to the Treasuries plus 115 bps area, plus or minus 3 bps.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. 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: | $750 million
|
| Description: | Subordinated notes
|
| Maturity: | July 26, 2028
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and PNC Capital Markets LLC
|
| Coupon: | 4.05%
|
| Spread: | Treasuries plus 112 bps
|
| Trade date: | July 23
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Fitch: A
|
| Price guidance: | Treasuries plus 115 bps area, plus or minus 3 bps; initial price talk at Treasuries plus 130 bps area
|
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