By Cristal Cody
Tupelo, Miss., Sept. 12 – PNC Bank, NA priced a $500 million reopening of its 4.05% subordinated bank notes due July 26, 2028 (A3/A-/A) on Tuesday at a spread of 110 basis points over Treasuries, according to a market source.
The notes were initially talked to price with a spread in the Treasuries plus 115 bps area.
PNC Bank originally sold $750 million of the notes on July 23 at a Treasuries plus 112 bps spread. The total outstanding is now $1.25 billion.
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: | $500 million reopening
|
| Description: | Subordinated bank 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 110 bps
|
| Trade date: | Sept. 11
|
| 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
|
| Total outstanding: | $1.25 billion, including $750 million of notes priced July 23 at a Treasuries plus 112 bps spread
|
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