Prudential Funding (Asia) plc, a funding vehicle of Asia-focused insurer Prudential plc (LSE: PRU), has confirmed the admission to trading of USD 850 million in subordinated notes on the London Stock Exchange's main market, effective 3 November 2026. The notes carry a coupon rate of 6.875 per cent and are due for repayment on 3 November 2036, giving them a ten-year tenor. The issuance was made under Prudential's existing USD 10 billion Medium Term Note Programme and represents a significant debt capital markets transaction for the group's Asian operations.

Key Points

  • Prudential plc (LSE: PRU) via subsidiary Prudential Funding (Asia) plc (LSE: ST11)
  • USD 850 million 6.875% Subordinated Notes due 3 November 2036 admitted to trading on the London Stock Exchange's main market
  • Notes issued under the USD 10 billion Medium Term Note Programme; ISIN XS3550550514; final terms dated 30 October 2026
  • Investors may watch how the subordinated debt structure affects Prudential's overall capital position across its Asian markets

USD 850 Million Subordinated Notes Listed on LSE Main Market by Prudential Funding (Asia) plc

Prudential Funding (Asia) plc announced on 3 November 2026 that its USD 850 million 6.875 per cent Subordinated Notes, due 3 November 2036, had been admitted to trading on the London Stock Exchange's main market. The notes carry ISIN XS3550550514 and were issued under the group's established USD 10,000,000,000 Medium Term Note Programme, a facility designed to support flexible debt issuance across multiple currencies and maturities. The final terms for the notes were dated 30 October 2026, with the base prospectus originally published on 27 March 2026 and supplemented on 8 October 2026.

Prospectus and Final Terms Published Through LSE Regulatory Information Service

Full documentation governing the notes, including the base prospectus, the supplementary prospectus and the final terms, has been published through the London Stock Exchange's regulatory information service and is available on the company's dedicated credit investor website. Copies have also been submitted to the National Storage Mechanism and are available for inspection via the Financial Conduct Authority's official repository. The announcement states that potential investors must confirm they fall within the intended addressees of the prospectus before relying on its contents, and notes that the securities have not been registered under the US Securities Act of 1933.

Prudential's Life, Health and Asset Management Footprint Across Asia and Africa

Prudential plc provides life and health insurance and asset management services across Greater China, ASEAN, India and Africa. The group holds dual primary listings on the Hong Kong Stock Exchange (HKEX: 2378) and the London Stock Exchange (LSE: PRU), alongside a secondary listing on the Singapore Stock Exchange (SGX: K6S) and American Depositary Receipts on the New York Stock Exchange (NYSE: PUK). The company is a constituent of the Hang Seng Composite Index and participates in both the Shenzhen-Hong Kong and Shanghai-Hong Kong Stock Connect programmes, reflecting its deep integration in Asian capital markets.

Subordinated Structure Highlights Specific Risk for Noteholders Under the Programme

As subordinated notes, the instruments rank below senior creditors in a winding-up scenario, a structural feature that investors in the USD 10 billion Medium Term Note Programme should weigh carefully. The subordinated nature is consistent with regulatory capital frameworks applied to insurance groups operating across multiple Asian jurisdictions, where tiered debt instruments can contribute to solvency capital requirements. The ten-year maturity profile to November 2036 also means noteholders carry duration risk over a period spanning potential shifts in interest rates and Prudential's evolving business mix across its emerging-market territories.