Pru wins huge demand for unusual tier two transaction

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By Tyler Davies
04 Jul 2019

Prudential's deal was nearly 18 times subscribed on Thursday for an attractively priced tier two, which had an unusual 30 year non-call five maturity structure.

The insurance company opened books on the £300m deal through Bank of America, Goldman Sachs, Morgan Stanley and Société Générale,which started the price thoughts in the 410bp area over Gilts.

Having collected more than £3bn of orders by 11.15am in London, the bookrunners ...

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