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PNC says it can offer up to $15 billion in short-term debt to provide additional liquidity
PNC says it can offer up to $15 billion in short-term debt to provide additional liquidity By Reuters
Breaking News
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Published May 02, 2023 04:05PM ET
Updated May 02, 2023 06:50PM ET
(C) Reuters. FILE PHOTO: A person walks past a branch of PNC Bank, a subsidiary of PNC Financial Services Group, in Washington, U.S. April 30, 2023. REUTERS/Ashraf Fahim
(Please read headline “to provide additional liquidity” instead of “ease liquidity worries” and in first paragraph please read “to provide additional liquidity” instead of “to calm investor worries”)
(Reuters) -PNC Financial Services Group Inc said on Tuesday the parent company and its banking unit can offer up to $15 billion of its commercial paper to provide additional liquidity.
The regional bank, which has so far been insulated from deposit flight, said in a filing the holding company can offer up to $5 billion and the banking unit $10 billion.
No commercial paper has been issued as of March 31, the filing said. Commercial paper is an unsecured debt instrument issued by companies to finance short-term needs such as inventories and payroll.
PNC, among the top 10 U.S. banks by assets, reported a marginal rise in deposits to $436.8 billion and a profit of $3.98 per share in the first quarter that exceeded analysts’ estimate.
The Federal Reserve in March unveiled a new program to ensure banks can meet the needs of all their depositors amid escalating chances of bank runs.
PNC says it can offer up to $15 billion in short-term debt to provide additional liquidity
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