Prudential banks on hook for $5.4bn in hybrids
The banks backing Prudential’s $35.5bn acquisition of AIA have underwritten $5.4bn of lower tier two and upper tier two debt issuance, the UK-based insurer said on Monday. The bigger-than-expected subordinated debt component of the deal comes as the underwriters of the $20bn rights issue backing the bid brushed off concerns that a delayed launch and market volatility may have damaged the offer.
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