New Issue: Prudential Financial prices $1.5 billion of medium-term notes in three tranches

By Cristal Cody

Tupelo, Miss., March 5 – Prudential Financial, Inc. sold $1.5 billion of medium-term notes (A3/A) in three tranches on Thursday, according to FWP filings with the Securities and Exchange Commission.

A $500 million tranche of 1.5% six-year notes priced at 99.572 to yield 1.575% and a spread of 90 basis points over Treasuries.

The company sold $500 million of 2.1% 10-year notes at 99.749 to yield 2.128%. The notes were sold with a Treasuries plus 120 bps spread.

Finally, $500 million of 3% 20-year notes priced with a spread of Treasuries plus 145 bps. The notes came at 99.746 to yield 3.017%.

BNP Paribas Securities Corp., BofA Securities, Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and Morgan Stanley & Co. LLC were the bookrunners.

The financial services company is based in Newark, N.J.

Issuer:	Prudential Financial, Inc.
Amount:	$1.5 billion
Description:	Series E medium-term notes
Trade date:	March 5
Settlement date:	March 10
Ratings:	Moody’s: A3
	S&P: A
Distribution:	SEC registered
Six-year notes
Amount:	$500 million
Maturity:	March 10, 2026
Bookrunners:	BNP Paribas Securities Corp., BofA Securities, Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and Morgan Stanley & Co. LLC
Co-managers:	ICBC Standard Bank plc, Samuel A. Ramirez & Co., Inc., Santander Investment Securities Inc., Standard Chartered Bank, TD Securities (USA) LLC, CastleOak Securities, LP, Drexel Hamilton LLC, R. Seelaus & Co. LLC and Siebert Williams Shank & Co. LLC
Coupon:	1.5%
Price:	99.572
Yield:	1.575%
Spread:	Treasuries plus 90 bps
Call features:	Make-whole call before Feb. 10, 2026 at CMT rate plus 15 bps; thereafter at par
10-year notes
Amount:	$500 million
Maturity:	March 10, 2030
Bookrunners:	Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., BofA Securities, Inc., Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc.
Co-managers:	ICBC Standard Bank plc, Samuel A. Ramirez & Co., Inc., Santander Investment Securities Inc., Standard Chartered Bank, TD Securities (USA) LLC, CastleOak Securities, LP, Drexel Hamilton LLC, R. Seelaus & Co. LLC and Siebert Williams Shank & Co. LLC
Coupon:	2.1%
Price:	99.749
Yield:	2.128%
Spread:	Treasuries plus 120 bps
Call features:	Make-whole call before Dec. 10, 2029 at CMT rate plus 20 bps; thereafter at par
20-year notes
Amount:	$500 million
Maturity:	March 10, 2040
Bookrunners:	Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., BofA Securities, Inc., Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc.
Co-managers:	ICBC Standard Bank plc, Samuel A. Ramirez & Co., Inc., Santander Investment Securities Inc., Standard Chartered Bank, TD Securities (USA) LLC, CastleOak Securities, LP, Drexel Hamilton LLC, R. Seelaus & Co. LLC and Siebert Williams Shank & Co. LLC
Coupon:	3%
Price:	99.746
Yield:	3.017%
Spread:	Treasuries plus 145 bps
Call features:	Make-whole call before Sept. 10, 2039 at CMT rate plus 25 bps; thereafter at par

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