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.