By Cristal Cody
Tupelo, Miss., June 5 – PNC Bank, NA priced $800 million of two-year floating-rate notes (A2/A/A+) on Wednesday at Libor plus 31 basis points, according to a market source.
The floaters were initially talked in the Libor plus 35 bps area.
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: | $800 million
|
| Description: | Senior bank notes
|
| Maturity: | June 10, 2021
|
| Bookrunners: | J.P. Morgan Securities LLC and PNC Capital Markets LLC
|
| Coupon: | Libor plus 31 bps
|
| Trade date: | June 5
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: A+
|
| Price guidance: | Libor plus 35 bps area
|
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