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

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).

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

Argus May 5 session

+1.65% close to close Open Argus

Details

News Market Reaction – PNC

On May 5, the day this news came out, PNC closed 1.65% above the previous close.

Data tracked by StockTitan Argus for the May 5 session.

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

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

5 events

1. Apr 29

   Product enhancement

   24h Move

   -1.0%

   Expanded Treasury Management CPR platform to support property and casualty claims.

2. Apr 15

   Quarterly earnings

   24h Move

   +0.4%

   Reported 1Q26 net income of $1.8B and higher net interest income and NIM.

3. Apr 09

   Client financing deal

   24h Move

   +1.1%

   Led upsized $600M asset‑backed facility for Phoenix Service Partners’ growth.

4. Apr 07

   Loyalty program launch

   24h Move

   +0.4%

   Introduced PNC TotalRewards tiered consumer loyalty and rewards program.

5. Apr 02

   Dividend declaration

   24h Move

   +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.

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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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.