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The Customer Interest Rate Swap
and Derivatives Program for Financial Institutions


The PNC Difference: A Financial Institution Serving Financial Institutions


PNC Bank, National Association, a registered swap dealer with the CFTC, delivers diverse support to financial institutions by offering assistance with macro/balance-sheet hedging strategies, derivative execution capabilities and our customer swap solution - PNC FIRST Program.

The PNC FIRST (Fixed Interest Rate Swap Transaction) Program is a comprehensive and turn-key customer interest rate risk management program that provides assistance at every stage of the deal lifecycle and helps you potentially:

  • Manage interest rate risk
  • Generate fee income
  • Lower funding costs
  • Broaden your product offerings

What PNC FIRST Program Offers 

Sales Support

PNC provides structuring insights, general support and swap presentations for use during your swap education discussions and subsequent trade execution with your commercial customers.

Internal Education

PNC conducts training for lending, operations, credit and finance teams and communicates best practices for you to establish risk management policies and define step-by-step procedures.

Operational Support

PNC offers a full suite of white-labeled customer documentation for each trade and on-going assistance throughout the trade lifecycle.

Customer Documentation

PNC assists with the creation and retention of pre-trade, form documentation including ISDA agreements, ECP and End-User eligibility certificates as well as trade confirmations.

Dodd-Frank Compliance

PNC reports trades to the SDR on your behalf and provides template certificates for you to ensure your compliance with Title VII.

Accounting Support

PNC creates reports containing information that can facilitate your accounting entries and call report completion while also providing access to independent, third-party valuations for your hedge inception documentation and hedge effectiveness assessments (where applicable).

Online Platform

PNC has created a centralized web portal that includes a collateral management tool, detailed summaries of executed trades, white-labeled customer documentation, a Swap Pricer tool and much more.

Pricing & Execution

PNC (trading as PNC Bank, N.A., one of the largest U.S. swap dealers) publishes an indicative daily pricing sheet, updates customized structures regularly, generates trade-specific scenario analyses and efficiently executes all trade types with you.

View PNC FIRST Website


Provides a current market position, opportunity tracking capabilities and industry comparison tools

Portfolio and Trade Detail 

Includes comprehensive information specific to executed transactions

Customer Detail 

Publishes the white-labeled documentation and enables customer administration 

Swap Pricer 

Empowers users to price and value interest rate derivatives


How You Can Benefit


Engage a Highly-Rated[1], Registered Swap Dealer and Relationship Focused-Team

Our qualified derivative professionals function as an extension of your internal team to help you to identify, sell and execute new hedging opportunities.

Receive Comprehensive Support from a Single
Dedicated Source

Initial training and on-going assistance is available beginning with on-boarding and throughout each individual deal life-cycle from prospecting to execution. Relevant information related to collateral management, payments, accounting and reporting is streamlined through one source, relieving operational burdens on your bank.

Access Your Information Quickly and Easily 

Our innovative web portal has valuable functionality for executives, relationship managers, finance and operations specialists from management dashboards to full portfolio reconciliation and other unique capabilities.

Design a Fully Customized Program 

  • Tailor and scale the PNC FIRST program to meet the specific hedging needs of your bank and the borrowing needs of your commercial loan customers.
  • We offer complete cost transparency with contractually guaranteed costs and disclose the mid-market rate on every trade we execute with you.
  • PNC’s cost is your bank’s only hedging cost as PNC acts as your swap counterparty and derivatives support provider.
  • There is no burdensome annual fee for our services and no minimums required, both of which might otherwise increase your bank’s per-trade cost.

Enjoy Access to the Capabilities of a Registered Swap Dealer

The FIRST platform leverages PNC’s market expertise and places our regulated infrastructure at your fingertips.

18,000 + [2]

PNC manages over 18,000 derivative transactions

$465 Billion + [2]

PNC is currently managing a swap trading book of over $465 billion


Let Our Experience Lead the Way 

  • PNC provides general swap market insights, marketing materials, documentation preparation and support for your swap education discussions.
  • Indicative pricing updates are provided via quote or the online Swap Pricer.
  • Operational support includes distribution of trade confirmations, reset notices, payment advices and mark-to-market letters for each deal.
  • ACH integration is available to ease payment processing.
  • Monthly reports provide information for you to complete swap accounting entries, call report filing and other analysis.
  • Relevant market commentary, regulatory and compliance guidance is communicated quickly.

Contact Us

To learn more about PNC FIRST, please fill out the form below and we’ll be in touch.

  1. PNC Bank, National Association is rated A3 (Moody’s) and A- (Standard & Poor’s) as of 09/30/2023.

  2. Transaction information as of 9/30/2023. Excludes cleared trades related to Libor transition activities. 


PNC Bank, National Association, a provisionally registered swap dealer with the CFTC, does not provide any commodity trading advisory services or any swap trading advice.  Customers of the FIRST Program must make their own determinations as to whether a derivatives transaction is appropriate and suitable for its clients and whether such transaction meets its client's investment objectives.

The information contained herein (“Information”) was produced by an employee of PNC Bank, National Association’s (“PNC Bank”) foreign exchange and derivative products group. Such Information is not a “research report” nor is it intended to constitute a “research report” (as defined by applicable regulations). The Information is of general market, economic, and political conditions or statistical summaries of financial data and is not an analysis of the price or market for any product or transaction.

This document and the Information it contains is intended for informational purposes only, and should not be construed as legal, accounting, tax, trading or other professional advice. You should consult with your own independent legal, accounting, tax and other professional advisors before taking any action based on this Information. Under no circumstances should this document or any Information contained herein be considered a recommendation or solicitation to buy or sell any products or services or a commitment to enter into any transaction. Eligibility for particular products or services is conditioned upon PNC Bank’s subsequent formal agreement, which will be subject to internal approvals and binding transaction documents. The Information contained herein on exchange and interest rates, commodity prices and market indices are gathered from sources PNC Bank believes to be reliable and accurate at the time of publication. Therefore, PNC Bank makes no representations or warranties regarding the Information’s accuracy, timeliness, or completeness. Further, all performance, returns, prices, or rates are for illustrative purposes only, are subject to firm quotes, may not be achievable or indicative of future performance, actual results will vary, and may be adversely affected by exchange rates, interest rates, commodity prices or other factors. Markets do and will change. Any Information, values, estimates, or opinions expressed or implied herein are subject to change without notice. Under no circumstances is PNC Bank liable for any lost profits, lost opportunities, or any indirect, consequential, incidental, special, punitive, or exemplary damages arising out of any use, reliance, or any opinion, estimate or Information contained herein or any omission therefrom. PNC Bank, its predecessors, and affiliated companies may serve, either currently or within the previous three years, as underwriter, placement agent, market maker, manager, initial purchaser, broker, or deal as principal in any security, derivative or other instruments mentioned in this document. Any such relationship may differ materially from transactions contemplated herein. In addition, PNC Bank, its affiliated companies, shareholders, directors, officers, or employees may at any time acquire, hold or dispose of positions similar or contrary to the positions contemplated herein (including hedging and trading positions) which may impact the performance of a product described in this document. Early termination of a foreign exchange or derivative transaction may require payment of a termination amount to or from PNC Bank depending on market rates or prices at the time of termination. The Information contained herein is confidential and may not be disclosed, duplicated, copied, disseminated or distributed by any means to any other person or entity without PNC Bank’s prior written consent.

PNC is a registered service mark of The PNC Financial Services Group, Inc. (“PNC”). Foreign exchange and derivative products are obligations of PNC Bank, Member FDIC and a wholly owned subsidiary of PNC. Foreign exchange and derivative products are not bank deposits and are not FDIC insured, nor are they insured or guaranteed by PNC Bank or any of its subsidiaries or affiliates.

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