By Cristal Cody
Tupelo, Miss., May 19 – Five Corners Funding Trust II priced $1.5 billion of 2.85% precapitalized trust securities (A3/A) on Tuesday at a spread of Treasuries plus 215 basis points, according to a market source.
The P-Caps were initially talked to print in the 240 bps spread area with guidance tightened to the 220 bps area, plus or minus 5 bps.
The issue has a mandatory redemption on May 15, 2030.
BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities, LLC and Wells Fargo Securities LLC were the active bookrunners. Passives were MUFG and U.S. Bancorp Investments, Inc.
Five Corners Funding Trust II is a debt issuing vehicle for Prudential Financial Inc.
| Issuer: | Five Corners Funding Trust II
|
| Amount: | $1.5 billion
|
| Description: | Precapitalized trust securities
|
| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities, LLC and Wells Fargo Securities LLC (active); MUFG and U.S. Bancorp Investments, Inc. (passive)
|
| Coupon: | 2.85%
|
| Spread: | Treasuries plus 215 bps
|
| Call feature: | May 15, 2030
|
| Trade date: | May 19
|
| Ratings: | Moody’s: A3
|
| S&P: A
|
| Price guidance: | Treasuries plus 220 bps area, plus or minus 5 bps; initial talk at Treasuries plus 240 bps area
|
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