PNC Financial Services (NYSE: PNC) sells two $1B fixed/floating senior notes
Rhea-AI Filing Summary
The PNC Financial Services Group, Inc. completed public offerings of $1,000,000,000 of 5.463% Fixed Rate/Floating Rate Senior Notes due July 21, 2037 and $1,000,000,000 of 4.831% Fixed Rate/Floating Rate Senior Notes due July 19, 2030. These are senior debt securities collectively referred to as the Notes.
The Notes were sold under an Underwriting Agreement dated July 16, 2026 with PNC Capital Markets LLC, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC, and issued under an Indenture dated September 6, 2012, as supplemented on April 23, 2021. Related transaction documents and a legality opinion were filed as exhibits and incorporated by reference into PNC’s registration statement on Form S-3ASR.
Positive
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Negative
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8-K Event Classification
2 items: 8.01, 9.01
2 items
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Principal (2037 Notes): $1,000,000,000
Principal (2030 Notes): $1,000,000,000
Coupon Rate (2037 Notes): 5.463%
+4 more
7 metrics
Principal (2037 Notes)
$1,000,000,000
Aggregate principal amount of 5.463% Fixed Rate/Floating Rate Senior Notes due July 21, 2037
Principal (2030 Notes)
$1,000,000,000
Aggregate principal amount of 4.831% Fixed Rate/Floating Rate Senior Notes due July 19, 2030
Coupon Rate (2037 Notes)
5.463%
Interest rate on Fixed Rate/Floating Rate Senior Notes due July 21, 2037
Coupon Rate (2030 Notes)
4.831%
Interest rate on Fixed Rate/Floating Rate Senior Notes due July 19, 2030
Underwriting Agreement date
July 16, 2026
Date of Underwriting Agreement for the public offerings of the Notes
Base Indenture date
September 6, 2012
Date of Indenture between PNC and The Bank of New York Mellon governing the Notes
Supplemental Indenture date
April 23, 2021
Date of Supplemental Indenture amending the Base Indenture
Key Terms
Fixed Rate/Floating Rate Senior Notes, Underwriting Agreement, Indenture, Supplemental Indenture, +1 more
5 terms
Fixed Rate/Floating Rate Senior Notes financial
"5.463% Fixed Rate/Floating Rate Senior Notes due July 21, 2037"
Underwriting Agreement financial
"The Notes were sold pursuant to an Underwriting Agreement dated July 16, 2026"
An underwriting agreement is a contract where a company selling new stocks or bonds hires financial firms to buy those securities and resell them to investors. It matters because the agreement sets the offering price, number of securities, fees and which party bears the risk if sales fall short—think of it as a promise that the sale will happen and a roadmap investors can use to understand how the new securities reach the market.
Indenture financial
"The Notes were issued under an Indenture, dated as of September 6, 2012"
An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.
Supplemental Indenture financial
"as amended and supplemented by a First Supplemental Indenture, dated as of April 23, 2021"
A supplemental indenture is a written amendment to the original bond agreement that changes specific terms of a debt contract, such as payment schedules, interest rates, collateral or covenant protections. Investors care because it alters the legal rights and risks tied to a security — like renegotiating a mortgage where the lender and borrower agree to new rules — and can affect a bond’s credit quality, yield and market value.
Registration Statement on Form S-3ASR regulatory
"part of the Company’s Registration Statement on Form S-3ASR (File No. 333-283793)"
A registration statement on Form S-3ASR is a pre-approved filing used by well-established public companies to register securities they may sell over time, with the paperwork becoming effective automatically so offerings can begin quickly. For investors, it matters because it lets a company raise money or issue stock or debt on short notice — like a company keeping a ready-to-use credit line — which can dilute existing shares or change the company’s cash position rapidly.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What securities did PNC (PNC) issue in its recent debt offerings?
PNC issued $1,000,000,000 of 5.463% Fixed Rate/Floating Rate Senior Notes due July 21, 2037 and $1,000,000,000 of 4.831% Fixed Rate/Floating Rate Senior Notes due July 19, 2030 as public offerings under its shelf registration.
What are the interest rates and maturities of PNC (PNC)'s new senior notes?
The new PNC notes carry fixed coupon rates of 5.463% maturing July 21, 2037 and 4.831% maturing July 19, 2030. Both are Fixed Rate/Floating Rate Senior Notes issued as part of public offerings.
Who underwrote the new senior note offerings by PNC (PNC)?
The offerings were underwritten by PNC Capital Markets LLC, Goldman Sachs & Co. LLC, and Morgan Stanley & Co. LLC. These firms entered into an Underwriting Agreement with PNC dated July 16, 2026 covering both note tranches.
Under what indenture were PNC (PNC)'s new notes issued?
The notes were issued under an Indenture dated September 6, 2012, as amended by a Supplemental Indenture dated April 23, 2021, between PNC and The Bank of New York Mellon as trustee, governing these senior securities.
How are PNC (PNC)'s new note offerings linked to its shelf registration?
The offerings are described in a July 16, 2026 prospectus supplement filed July 17, 2026 to the prospectus in PNC’s Form S-3ASR registration statement, and key agreements and opinions are incorporated as exhibits into that registration.