By Cristal Cody
Tupelo, Miss., Jan. 16 – PNC Financial Services Group, Inc. sold $2 billion of 2.55% 10-year senior notes (A3/A-/A+) on Thursday at a spread of 78 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.72 to yield 2.582%.
Initial price talk was in the Treasuries plus 95 bps spread area.
J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and PNC Capital Markets LLC were the bookrunners.
Proceeds will be used for general corporate purposes, including debt repayment.
PNC Financial Services is a Pittsburgh-based financial services holding company.
| Issuer: | PNC Financial Services Group, Inc.
|
| Amount: | $2 billion
|
| Description: | Senior notes
|
| Maturity: | Jan. 22, 2030
|
| Bookrunners: | J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and PNC Capital Markets LLC
|
| Coupon: | 2.55%
|
| Price: | 99.72
|
| Yield: | 2.582%
|
| Spread: | Treasuries plus 78 bps
|
| Call feature: | Callable on or after 90 days before maturity at par
|
| Trade date: | Jan. 16
|
| Settlement date: | Jan. 22
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 95 bps area
|
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