Punchy Pru offers generous coupon for flipper bond

Jasper Cox

September 27, 2018 06:00 pm

Prudential_PA_230x150 — Coryn Rivera of the US (C) celebrates she wins the Prudential RideLondon Classique 2017 in Central London on July 29, 2017. RideLondon, known through sponsorship as Prudential RideLondon, is an annual three-day festival of cycling held in London. It was developed by the Mayor of London, London and Partners and Transport for London in partnership with Surrey County Council, and is managed by London & Surrey Cycling Partnership. (Photo by Alberto Pezzali/NurPhoto) *** Please Use Credit from Credit Field *** | NurPhoto/SIPA USA/PA Images

Prudential plc came to the market on Wednesday for a strategic deal to boost the capital position of a prospective entity it plans to cut loose, M&G Prudential. Those on the buy-side saw the notes as cheap, notwithstanding any extra cost for a clause allowing for issuer substitution.

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Jasper Cox