Fixed/Floating Senior Notes | Senior Floating Rate Notes | |||||||
Issuer: | The PNC Financial Services Group, Inc. (“PNC”) | The PNC Financial Services Group, Inc. (“PNC”) | ||||||
Security: | 5.463% Fixed Rate/Floating Rate Senior Notes due October 23, 2029 (the “Fixed/Floating Senior Notes”) | Senior Floating Rate Notes due October 23, 2029 (the “Senior Floating Notes”) | ||||||
Ranking: | Senior | Senior | ||||||
Expected Security Ratings:* | A3 / A- / A / AA (low) (Moody’s / S&P / Fitch / Morningstar DBRS) | A3 / A- / A / AA (low) (Moody’s / S&P / Fitch / Morningstar DBRS) | ||||||
Principal Amount: | $1,200,000,000 | $300,000,000 | ||||||
Price to Investors: | 100.000% of face amount | 100.000% of face amount | ||||||
Minimum Denomination/Multiples: | $2,000 / multiples of $1,000 in excess thereof | $2,000 / multiples of $1,000 in excess thereof | ||||||
Trade Date: | October 20, 2026 | October 20, 2026 | ||||||
Settlement Date:** | October 23, 2026 (T+3) | October 23, 2026 (T+3) | ||||||
Maturity: | October 23, 2029 | October 23, 2029 | ||||||
Optional Redemption Date: | Redeemable in whole, but not in part, on October 23, 2028, the date that is one year prior to the maturity date, at 100% of the principal amount of the Fixed/Floating Senior Notes, plus accrued and unpaid interest thereon to the date of redemption. Also redeemable in whole, or in part, during the 30-day period prior to, and including, the maturity date at 100% of the principal amount of the Fixed/Floating Senior Notes, plus accrued and unpaid interest thereon to the date of redemption Additionally, redeemable in whole, or in part, on and after April 23, 2027, and prior to October 23, 2028, at the greater of (i) 100% of the principal amount of the Fixed/Floating Senior Notes (par) and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Fixed/Floating Senior Notes to be redeemed, assuming the Fixed/Floating Senior Notes matured on October 23, 2028 (not including any portion of such payments of interest accrued to the date of redemption), discounted to the redemption date on a semiannual basis (assuming a 360-day year of twelve 30-day months) at the Treasury Rate (as defined in the preliminary prospectus supplement dated October 20, 2026) plus 15 basis points; plus, in each case, accrued and unpaid interest thereon to the date of redemption | Redeemable in whole, but not in part, on October 23, 2028, the date that is one year prior to the maturity date, at 100% of the principal amount of the Senior Floating Notes, plus accrued and unpaid interest thereon to the date of redemption. Also redeemable in whole, or in part, during the 30-day period prior to, and including, the maturity date at 100% of the principal amount of the Senior Floating Notes, plus accrued and unpaid interest thereon to the date of redemption | ||||||
Fixed Rate Period: | From, and including, October 23, 2026 to, but excluding, October 23, 2028 | N/A | ||||||
Floating Rate Period: | From, and including, October 23, 2028 to, but excluding, the maturity date | From, and including, October 23, 2026 to, but excluding, the maturity date | ||||||
Interest Rates: | Fixed Rate Period: 5.463% annually Floating Rate Period: Compounded SOFR, determined as set forth under “Certain Terms of the Senior Notes—Interest—Floating Rate Period” in the preliminary prospectus supplement dated October 20, 2026, plus 0.777% | Compounded SOFR, determined as set forth under “Certain Terms of the Senior Notes—Interest—Floating Rate Period” in the preliminary prospectus supplement dated October 20, 2026, plus 0.770% | ||||||
Interest Payment Dates: | Fixed Rate Period: Each April 23 and October 23, commencing on April 23, 2027 and ending on October 23, 2028 Floating Rate Period: January 23, 2029, April 23, 2029, July 23, 2029 and at the maturity date | Quarterly in arrears on January 23, April 23, July 23 and October 23 of each year, commencing on January 23, 2027 | ||||||
Day Count Convention / Business Day Convention: | Fixed Rate Period: 30/360; Following Business Day Convention (Unadjusted) Floating Rate Period: Actual/360; Modified Following Business Day Convention (Adjusted) | Actual/360; Modified Following Business Day Convention (Adjusted) | ||||||
Reference Benchmark: | UST 4.750% due September 30, 2028 | Compounded SOFR, determined as set forth under “Certain Terms of the Senior Notes—Interest—Floating Rate Period” in the preliminary prospectus supplement dated October 20, 2026 | ||||||
Reference Benchmark Yield: | 4.793% | N/A | ||||||
Spread to Reference Benchmark: | 67 basis points | 77 basis points | ||||||
Re-offer Yield: | 5.463% | N/A | ||||||
CUSIP/ISIN: | 693475 CP8 / US693475CP80 | 693475 CQ6 / US693475CQ63 | ||||||
Joint Book-Running Managers: | PNC Capital Markets LLC Citigroup Global Markets Inc. Morgan Stanley & Co. LLC | |||||||
Co-Managers: | Samuel A. Ramirez & Company, Inc. Siebert Williams Shank & Co., LLC | |||||||
* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. ** Note: We expect that delivery of the Fixed/Floating Senior Notes and the Senior Floating Notes (collectively, the “Senior Notes”) will be made against payment therefor on the third business day following the date hereof (such settlement cycle being referred to as (“T+3”). Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in one business day unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Senior Notes prior to the first business day before settlement will be required, by virtue of the fact that the Senior Notes initially will settle in T+3, to specify alternative settlement arrangements to prevent a failed settlement. Such purchasers should consult their own advisors | ||||||||