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Prudential Financial to Sell Baby Bonds

Prudential Financial (PRU) will sell a new issue of $25 baby bonds.

The Junior Subordinated Notes will have a maturity date in 2060 and a optional redemption date of 9/1/2025.

The company currently has 3 other baby bonds outstanding, 2 of which are currently optionally redeemable. CORRECTED–the company intends to call the 2 redeemable issues (thanks Jag).

The issue will be investment grade.

The 3 outstanding issues can be seen here.

The preliminary prospectus can be read here.

mcg was right on top of this one at 7:45 am this morning with EarlyBird positing yield talk in the 4.50% area.

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