By Andrea Heisinger
New York, March 28 - Prudential Covered Trust sold $1 billion of 2.997% class A covered bonds due Sept. 30, 2015 at a spread of Treasuries plus 250 basis points, an informed source said.
The notes (/A/) were sold at par to yield 2.997%. There is a make-whole call at 37.5 bps over Treasuries.
The deal was done under Rule 144A and Regulation S.
Barclays Capital Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities LLC were the bookrunners.
The unit of financial products and services provider Prudential Financial Inc. is based in Newark, N.J.
| Issuer: | Prudential Covered Trust
|
| Issue: | Class A covered bonds
|
| Amount: | $1 billion
|
| Maturity: | Sept. 30, 2015
|
| Bookrunners: | Barclays Capital Inc., Deutsche Bank Securities Inc., Wells Fargo Securities LLC
|
| Coupon: | 2.997%
|
| Price: | Par
|
| Yield: | 2.997%
|
| Spread: | Treasuries plus 250 bps
|
| Call: | Make-whole at Treasuries plus 37.5 bps
|
| Distribution: | Rule 144A, Regulation S
|
| Trade date: | March 27
|
| Settlement date: | March 30
|
| Rating: | Standard & Poor's: A
|
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