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 theyve announced a