PRU Covered Bond Seen As Possible Tax Play

28 Mar 2012

Tuesday’s pricing of a covered bond transaction from Prudential Insurance Company of America, may have been a play by the firm to offset tax costs it incurred from its profitable 2010 sale of its minority stake in Wachovia Securities, which produced a $1.5 billion after-tax gain.

Tuesday’s pricing of a covered bond transaction from Prudential Insurance Company of America, may have been a play by the firm to offset tax costs it incurred from its profitable 2010 sale of its minority stake in Wachovia Securities, which produced a $1.5 billion after-tax gain.

“This covered bond ...

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