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PNC Bank issues notes

PNC Bank NA on July 23 issued $600 million of senior notes and $900 million of senior floating-rate notes, both due July 22, 2022, according to a Form 10-Q filed by its parent company, PNC Financial Services Group Inc.

For the $600 million of senior notes, interest is payable semiannually at a fixed rate of 2.232% per annum, on July 22 and Jan. 22 of each year, starting Jan. 22, 2020. Interest is payable quarterly at the floating rate equal to the three-month London interbank offered rate plus 44 basis points, on Jan. 22, April 22, July 22 and Oct. 22, beginning Oct. 22, 2021.

For the $900 million of senior floating-rate notes, interest is payable quarterly at the three-month London interbank offered rate, reset quarterly, plus 45 basis points, on Jan. 22, April 22, July 22 and Oct. 22 of each year, starting Oct. 22 this year.