PNC Announces Redemption of 4.543% Senior Fixed Rate/Floating Rate Notes Due May 13, 2027

Rhea-AI Summary

PNC (NYSE: PNC) announced it will redeem on May 13, 2026 all outstanding 4.543% Senior Fixed Rate/Floating Rate Notes due May 13, 2027, in the principal amount of $1,250,000,000 (CUSIP 69353R FY9).

The redemption price equals 100% of principal plus accrued and unpaid interest to the redemption date; interest will cease to accrue on May 13, 2026. Payment will be made through The Depository Trust Company.

Positive

• Removes $1.25B of 4.543% debt due May 13, 2027
• Interest stops accruing on the notes as of May 13, 2026

Negative

• Cash outflow of $1.25B required on May 13, 2026

News Market Reaction – PNC

+1.65%

+1.65% Session close to close

In the May 5 session, PNC gained 1.65%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details PNC’s plan to redeem $1.25B of 4.543% Senior Fixed Rate/Floating Rate Note...

Analysis

This announcement details PNC’s plan to redeem $1.25B of 4.543% Senior Fixed Rate/Floating Rate Notes, one year ahead of their May 13, 2027 maturity. It follows a period of steady capital actions, including a $1.70 common dividend and strong 1Q26 earnings of $1.8B net income. Investors may track how this liability management interacts with the recently approved 2026 Omnibus Equity Incentive Plan and ongoing Treasury Management and rewards-program initiatives.

Key Figures

Note coupon rate: 4.543% Redemption amount: $1,250,000,000 Redemption price: 100% of principal +2 more

5 metrics

Note coupon rate 4.543% Senior Fixed Rate/Floating Rate Notes

Redemption amount $1,250,000,000 Principal of notes being redeemed

Redemption price 100% of principal Plus accrued and unpaid interest

Original maturity date May 13, 2027 Scheduled maturity of the notes

Redemption date May 13, 2026 Date on which notes will be redeemed

Historical Context

5 past events · Latest: Apr 29 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 29	Product enhancement	Positive	-1.0%	Expanded Treasury Management CPR platform to support property and casualty claims.
Apr 15	Quarterly earnings	Positive	+0.4%	Reported 1Q26 net income of $1.8B and higher net interest income and NIM.
Apr 09	Client financing deal	Positive	+1.1%	Led upsized $600M asset‑backed facility for Phoenix Service Partners’ growth.
Apr 07	Loyalty program launch	Positive	+0.4%	Introduced PNC TotalRewards tiered consumer loyalty and rewards program.
Apr 02	Dividend declaration	Positive	+1.2%	Declared $1.70 per share common dividend and detailed preferred dividends.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent positive corporate and capital return updates often saw modestly positive price reactions, with only one divergence where product news was met with a small decline.

Recent Company History

This announcement follows a series of business and capital actions in recent months. On Apr 29, PNC expanded its Treasury Management insurance payments solution, which saw a -0.99% move. First‑quarter 2026 earnings on Apr 15 highlighted $1.8B net income and higher NII, with a slight gain. Other news included lead‑arranging a $600M facility, launching the PNC TotalRewards loyalty program, and declaring a $1.70 common dividend, all met with small positive reactions. The current senior note redemption fits into ongoing balance sheet and capital management activity.

Key Terms

senior fixed rate/floating rate notes, redemption price, principal amount, accrued and unpaid interest, +2 more

6 terms

senior fixed rate/floating rate notes financial

"redemption on May 13, 2026, of all outstanding 4.543% Senior Fixed Rate/Floating Rate Notes"

Senior fixed rate/floating rate notes are debt bonds that sit near the front of the line for repayment if a borrower defaults, and they pay interest either at a set rate (fixed) or at a rate that moves with market interest rates (floating). Think of them like a high-priority loan that either gives you steady, predictable payments like a fixed-rate mortgage or adjustable payments like an adjustable-rate mortgage; investors care because seniority affects safety and fixed vs. floating affects income stability and sensitivity to interest-rate changes.

redemption price financial

"The redemption price will be equal to 100% of the principal amount"

The redemption price is the amount of money a person receives when they sell or redeem a bond or investment before it matures. It’s important because it determines how much you get back and can affect your overall profit or loss on the investment. Think of it like the price you get when returning a gift card early—it's the value you receive at that time.

principal amount financial

"equal to 100% of the principal amount, plus any accrued and unpaid interest"

The principal amount is the original sum of money that is borrowed, lent, or invested before any interest, fees, or returns are added. It matters to investors because interest charges, scheduled repayments, and total return are calculated from that base amount — think of it as the price tag on which future costs or gains are built. Knowing the principal helps you compare deals and predict cash flows and risk.

accrued and unpaid interest financial

"plus any accrued and unpaid interest to the redemption date"

Accrued and unpaid interest is the interest that has built up on a loan or debt but hasn't been paid yet. It's like owing your friend money for a favor over time—you're expected to pay it later, even though you haven't paid it yet. This matters because it shows how much you owe beyond the original amount borrowed.

the depository trust company technical

"Payment of the redemption price ... will be made through the facilities of The Depository Trust Company."

The Depository Trust Company is a large organization that safely manages and keeps electronic records of ownership for stocks, bonds, and other securities. It acts like a digital warehouse, making it easier and faster for investors to buy, sell, and transfer investments without needing physical paper certificates. This helps ensure transactions are secure, accurate, and completed smoothly.

cusip financial

"in the amount of $1,250,000,000 (CUSIP 69353R FY9), issued by PNC Bank"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

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PITTSBURGH, May 5, 2026 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption on May 13, 2026, of all outstanding 4.543% Senior Fixed Rate/Floating Rate Notes due May 13, 2027, in the amount of $1,250,000,000 (CUSIP 69353R FY9), issued by PNC Bank, National Association. The securities have an original scheduled maturity date of May 13, 2027. The redemption price will be equal to 100% of the principal amount, plus any accrued and unpaid interest to the redemption date of May 13, 2026. Interest on the 4.543% Senior Fixed Rate/Floating Rate Notes will cease to accrue on the redemption date.

Payment of the redemption price for the 4.543% Senior Fixed Rate/Floating Rate Notes will be made through the facilities of The Depository Trust Company.

The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

CONTACTS

MEDIA:           
Anne Pace
(631) 338-3268
anne.pace@pnc.com       

INVESTORS:     
Bryan Gill
(412) 768-4143
investor.relations@pnc.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/pnc-announces-redemption-of-4-543-senior-fixed-ratefloating-rate-notes-due-may-13--2027--302762610.html

SOURCE The PNC Financial Services Group, Inc.

FAQ

What is PNC redeeming on May 13, 2026 (NYSE: PNC)?

PNC will redeem all outstanding 4.543% Senior Fixed Rate/Floating Rate Notes due May 13, 2027. According to the company, the principal amount being redeemed is $1,250,000,000 (CUSIP 69353R FY9).

What will PNC pay to redeem the 4.543% notes (PNC)?

PNC will pay 100% of principal plus accrued and unpaid interest to the redemption date. According to the company, interest ceases to accrue on the redemption date, May 13, 2026.

How will PNC process payment for the redeemed notes (PNC)?

Payment will be made through The Depository Trust Company. According to the company, DTC facilities will be used to deliver the redemption price to noteholders on May 13, 2026.

Which securities are affected by PNC's May 13, 2026 redemption (ticker PNC)?

The affected securities are the 4.543% Senior Fixed Rate/Floating Rate Notes due May 13, 2027. According to the company, the notes bear CUSIP 69353R FY9 and total $1,250,000,000.

When does interest stop accruing on the redeemed PNC notes (PNC)?

Interest on the redeemed notes stops accruing on May 13, 2026. According to the company, accrual ends on the redemption date and holders receive interest only up to that date.