Hunt for yield allows Pru through fixed-for-life market
Prudential plc secured an attractive rate of funding when it sold a new perpetual tier two bond on Tuesday, but market participants remain unclear whether or not there is enough demand for fixed-for-life coupons to allow a flurry of new issuance from other European insurers.
The transaction was syndicated by the Singapore branches of Crédit Agricole, Credit Suisse, JP Morgan, Standard Chartered, HSBC and UBS, which were able to set a coupon of 4.875% for Prudential’s $750m perpetual non-call 5.25 year tier two.
The coupon for the
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