By Cristal Cody
Eureka Springs, Ark., Dec. 6 – PNC Bank NA sold $1.75 billion of bank notes (Aa2/A/A+) in three tranches on Tuesday, according to a market source.
The company priced $400 million of two-year floating-rate notes at Libor plus 40 basis points.
PNC Bank sold $600 million of 1.7% two-year fixed-rate notes at a spread of 63 bps over Treasuries.
The bank also priced $750 million of 2.55% five-year fixed-rate notes with a 75 bps spread over Treasuries.
Barclays, Goldman Sachs & Co., Morgan Stanley & Co. LLC and PNC Capital Markets LLC were the lead managers.
Pittsburgh-based PNC Bank is a subsidiary of PNC Financial Services Group, Inc.
| Issuer: | PNC Bank NA
|
| Amount: | $1.75 billion
|
| Description: | Bank notes
|
| Bookrunners: | Barclays, Goldman Sachs & Co., Morgan Stanley & Co. LLC, PNC Capital Markets LLC
|
| Trade date: | Dec. 6
|
| Ratings: | Moody’s: Aa2
|
| S&P: A
|
| Fitch: A+
|
| Distribution: | SEC registered
|
|
|
| Two-year floaters
|
| Amount: | $400 million
|
| Maturity: | 2018
|
| Coupon: | Libor plus 40 bps
|
|
|
| Two-year notes
|
| Amount: | $600 million
|
| Maturity: | 2018
|
| Coupon: | 1.7%
|
| Spread: | Treasuries plus 63 bps
|
|
|
| Five-year notes
|
| Amount: | $750 million
|
| Maturity: | 2021
|
| Coupon: | 2.55%
|
| Spread: | Treasuries plus 75 bps
|
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