New Issue: PNC Bank sells $750 million 2.7% 10-year subordinated notes at 100 bps over Treasuries

By Cristal Cody

Tupelo, Miss., Oct. 17 – PNC Bank, NA priced $750 million of 2.7% 10-year subordinated notes (A3/A-/A) on Thursday at a spread of Treasuries plus 100 basis points, according to a market source.

The notes were initially talked in the Treasuries plus 120 bps area.

Barclays, Citigroup Global Markets Inc., 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:	Oct. 22, 2029
Bookrunners:	Barclays, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and PNC Capital Markets LLC
Coupon:	2.7%
Spread:	Treasuries plus 100 bps
Trade date:	Oct. 17
Ratings:	Moody’s: A3
	S&P: A-
	Fitch: A
Price guidance:	Treasuries plus 120 bps area

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