Commentary & Deal Flow

Reoffer: 5yr: UKT+75bp / 99.632 / 4.959%
Benchmark: 5yr: UKT 0.250% 31-Jul-31 / HR 108%

Final Books £465m. Peak book £595m.

Launched: 5yr: £350m @ UKT+75bp - Orderbook at £595m
IPTs: 5yr: UKT+90a

• Issuer: PRICOA Global Funding I (Ticker: PRU)
• LEI Number: 635400IBXEBMD9ADYA79
• Funding Agreement Provider: The Prudential Insurance Company of America
• Expected Ratings: Aa3 (Stable) (Moody’s) / AA- (Stable) (S&P) / AA- (Rating Watch Negative) (Fitch)
• Format: Reg S Global Registered Note (CGN)
• Size: £350m
• Settlement: 08-Jul-26 (T+5)
• Maturity: 08-Jul-31
• Reoffer: UKT+75bps / 99.632 / 4.959%
• Coupon: 4.875% Fixed-Rate, Semi-annual (Act/Act)
• Benchmark Security: UKT 0.250% due 31-Jul-31 (mid 82.051 / bid 82.031). HR 108%
• Docs: Issued under the Issuer’s $15,000,000,000 Global Debt Issuance Program, pursuant to the Offering Circular, dated 28-Apr-26, as supplemented by the Offering Circular Supplement, dated 29-Jun-26 (as so supplemented, the “Offering Circular”), and the corresponding Pricing Supplement dated 30-Jun-26, when available
• Marketing: URL: https://dealroadshow.finsight.com Entry Code: PRUDENTIALGBP26
• Target Market: MiFID II/UK MiFIR Eligible counterparties and professional clients only (all distribution channels). No sales to EEA or UK retail. No EU PRIIPs or UK CCI product summary will be prepared.
• Expected Listing: Global Exchange Market of Euronext Dublin
• Advertisement: The Offering Circular, as well as the Pricing Supplement, when published, will be available at https://live.euronext.com/en/product/bonds-detail/17323/OVERVIEW
• Governing Law: New York Law
• Denominations: £100k x £1k
• Use of Proceeds: To purchase a funding agreement from The Prudential Insurance Company of America
• Active Bookrunners: BNPP, BofA, DB (B&D), HSBC
• ISIN: XS3430670979
• Timing: PRICED. TOE 13h47 UKT. FTT 14h25 UKT