PNC and USB follow other bank debt offerings as lenders shore up their balance sheets ahead of stricter capital requirements coming from federal regulators.
PNC Financial Services Group Inc. and U.S. Bancorp raised a combined $7 billion in separate bond offerings Wednesday ahead of stricter capital requirements expected from U.S. regulators.
Now eyeing a potential 20% boost to capital requirements, banks are coming back to the investment-grade bond market for the first time since the collapse of Silicon Valley Bank roiled the sector in March. PNC priced $3.5 billion in debt in two parts, according to Bloomberg. It priced $1 billion of notes due in 2026 with a coupon payment of 5.812%, and a $2.5 billion bond due in 2029 with a coupon of 5.582%. Citigroup, Morgan Stanley and PNC are bookrunners on the deal.
Truist issued $1.75 billion in medium-term 5.867% fixed-to-floating rate senior notes due in 2034, as well as $1.5 billion in medium-term 6.047% fixed-to-floating rate senior notes due in 2027. Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P., Morgan Securities LLC, Morgan Stanley & Co. LLC and Capital One Securities Inc. were joint book-running managers.
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