By Cristal Cody
Tupelo, Miss., Dec. 4 – PNC Bank, NA sold $1.4 billion of subordinated bank notes (A2/A-/A+) in two tranches on Wednesday, according to a market source.
A $750 million tranche of floating-rate bank notes due Dec. 9, 2022 priced at Libor plus 43 basis points, tighter than initial talk in the Libor plus 54 bps area.
PNC Bank sold $650 million of 2.028% three-year fixed-to-floating rate bank notes at a spread of Treasuries plus 45 bps. The notes will convert to a floating rate after the initial fixed-rate period.
Initial price talk was in the Treasuries plus 55 bps spread area.
Citigroup Global Markets Inc., 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: | $1.4 billion
|
| Description: | Subordinated bank notes
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC and PNC Capital Markets LLC
|
| Trade date: | Dec. 4
|
| Ratings: | Moody’s: A2
|
| S&P: A-
|
| Fitch: A+
|
|
|
| Three-year floaters
|
| Amount: | $750 million
|
| Description: | Floating-rate bank notes
|
| Maturity: | Dec. 9, 2022
|
| Coupon: | Libor plus 43 bps
|
| Call feature: | Non-callable two years
|
| Price guidance: | Libor plus 54 bps area
|
|
|
| Three-year notes
|
| Amount: | $650 million
|
| Description: | Fixed-to-floating rate bank notes
|
| Maturity: | Dec. 9, 2022
|
| Coupon: | 2.028%; converts to floating rate after initial fixed-rate period
|
| Spread: | Treasuries plus 45 bps
|
| Call feature: | Non-callable two years
|
| Price guidance: | Treasuries plus 55 bps area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
