Pru to bring hybrid tier one market back to life

13 Jan 2011

Prudential is set to re-open the hybrid tier one market either on Thursday or Friday when it prices a perpetual non-call 5-1/2 year issue. The issuer has mandated Bank of America Merrill Lynch, Barclays Capital, Deutsche Bank, HSBC and Goldman Sachs for the deal which will be at least $300m and will be sold into the Asian private banks network.

According to bankers away from the deal, the transaction has a coupon of around 7.875% which they said was the right level.

“This should go well,” said a FIG syndicate banker away from the deal. “It is a great name for this investor base and although they’ve announced a ...

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