By Susanna Moon
Chicago, May 23 - U.S. Bancorp priced $33.51 million of certificates in six series linked to $25 million principal amount of Prudential Financial, Inc.'s 6.625% medium-term notes, series D, due Dec. 1, 2037, according to an FWP filing with the Securities and Exchange Commission.
The issuing entity is Fixed Income Trust for Prudential Financial, Inc. Notes, Series 2012-1. Fixed Income Client Solutions LLC, the depositor and sponsor, is a wholly owned subsidiary of U.S. Bancorp.
The issuer priced six series of certificates, series 2012-1, as follows:
• $1,615,000 face amount of class A-2013 certificates due June 1, 2013 at 98.32028 for a yield to maturity of 1.75%;
• $1,661,000 face amount of class A-2014 certificates due June 1, 2014 at 95.21812 for a yield to maturity of 2.5%;
• $1,661,000 face amount of class A-2015 certificates due June 1, 2015 at 91.5299 for a yield to maturity of 3%;
• $1,661,000 face amount of class A-2016 certificates due June 1, 2016 at 87.9801 for a yield to maturity of 3.25%;
• $1,661,000 face amount of class A-2017 certificates due June 1, 2017 at 83.7438 for a yield to maturity of 3.6%; and
• $25.25 million face amount of class A-2037 callable step-up certificates due Dec. 1, 2037 at 86.26975.
Holders of the zero-coupon certificates are entitled to a one-time distribution at maturity payable from interest payments received on the underlying notes.
The step-up certificates pay 0% for the first five years and then the passthrough rate of 6.58% per year payable from the interest and principal payments received on the underlying notes. The payout at maturity will be par. They are callable if the call warrants on the underlying notes are exercised, which may occur after June 1, 2017.
U.S. Bancorp Investments, Inc. is the underwriter.
| Issuing: | Fixed Income Trust for Prudential Financial, Inc. Notes, Series 2012-1
|
| Issue: | Series 2012-1 certificates
|
| Total amount: | $33,509,000
|
| Pricing date: | May 22
|
| Settlement date: | June 11
|
| Underwriter: | U.S. Bancorp Investments, Inc.
|
|
|
| Class A-2013
|
| Amount: | $1,615,000
|
| Maturity: | June 1, 2013
|
| Coupon: | 0%
|
| Price: | 98.32028
|
| Yield to maturity: | 1.75%
|
| Cusip: | 33834CAB2
|
|
|
| Class A-2014
|
| Amount: | $1,661,000
|
| Maturity: | June 1, 2014
|
| Coupon: | 0%
|
| Price: | 95.21812
|
| Yield to maturity: | 2.5%
|
| Cusip: | 33834CAC0
|
|
|
| Class A-2015
|
| Amount: | $1,661,000
|
| Maturity: | June 1, 2015
|
| Coupon: | 0%
|
| Price: | 91.5299
|
| Yield to maturity: | 3%
|
| Cusip: | 33834CAD8
|
|
|
| Class A-2016
|
| Amount: | $1,661,000
|
| Maturity: | June 1, 2016
|
| Coupon: | 0%
|
| Price: | 87.9801
|
| Yield to maturity: | 3.25%
|
| Cusip: | 33834CAE6
|
|
|
| Class A-2017
|
| Amount: | $1,661,000
|
| Maturity: | June 1, 2017
|
| Coupon: | 0%
|
| Price: | 83.7438
|
| Yield to maturity: | 3.6%
|
| Cusip: | 33834CAF3
|
|
|
| Class A-2037
|
| Amount: | $25.25 million
|
| Maturity: | Dec. 1, 2037
|
| Coupon: | 0% through June 1, 2017, then 6.58%
|
| Price: | 86.26975
|
| Call option: | After June 1, 2017
|
| Cusip: | 33834CAG1
|
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