Pru wins huge demand for unusual tier two transaction

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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