By Andrea Heisinger
New York, Nov. 15 - Prudential Financial, Inc. priced $1 billion of notes (Baa2/A/) split evenly between two tranches on Monday, a source who worked on the trade said.
A $500 million tranche of 4.5% 10-year notes priced at 99.238 to yield 4.596%, or Treasuries plus 167 basis points. The notes sold at the tight end of guidance in the 170 bps area.
The notes have a make-whole call of 25 bps over Treasuries.
A $500 million tranche of 6.2% 30-year bonds sold at 99.408 to yield 6.244%, or 185 bps over Treasuries. This tranche also priced at the tight end of whispered guidance of 190 bps and revised talk in the 187.5 bps area.
The bonds have a make-whole call of 30 bps over Treasuries.
Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and Wells Fargo Securities LLC were the bookrunners.
The financial and insurance product provider is based in Newark, N.J.
| Issuer: | Prudential Financial, Inc.
|
| Issue: | Senior notes
|
| Amount: | $1 billion
|
| Bookrunners: | Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Wells Fargo Securities LLC
|
| Trade date: | Nov. 15
|
| Settlement date: | Nov. 18
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: A
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | Nov. 15, 2020
|
| Coupon: | 4.5%
|
| Price: | 99.238
|
| Yield: | 4.596%
|
| Spread: | Treasuries plus 167 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Price talk: | 170 bps area
|
|
|
| 30-year bonds
|
| Amount: | $500 million
|
| Maturity: | Nov. 15, 2040
|
| Coupon: | 6.2%
|
| Price: | 99.408
|
| Yield: | 6.244%
|
| Spread: | Treasuries plus 185 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Price talk: | 190 bps (whispered), 187.5 bps area (revised)
|
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