Prudential Financial (PFH) prices InterNotes tranches with 4.65%–5.05% yields
Rhea-AI Filing Summary
Prudential Financial, Inc. is offering multiple tranches of senior unsecured InterNotes under an automatically effective registration statement, with fixed semi-annual interest and $1,000 minimum denominations. Tranches shown carry stated coupon rates of 4.650%, 4.850% and 5.050% with maturities of 06/15/2031, 06/15/2033 and 06/15/2036, respectively. The notes pay interest each Jun 15 and Dec 15, first payment on 12/15/2026, and settle on 06/25/2026. The 2036 tranche (CUSIP 74432BB80) is callable at 100.000% on 06/15/2028 and on each interest payment date thereafter. Selling price is listed at 100.000% and selling concessions (dealer discounts) are disclosed per tranche. Other terms (aggregate principal amount and final pricing) are subject to completion in a final pricing supplement.
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Insights
Prudential is marketing fixed-rate InterNotes across three tenors with mid- to long-term maturities.
These tranches show fixed coupon economics with stated yields of 4.650%, 4.850% and 5.050% and standard semi-annual interest payments beginning on 12/15/2026. The offering is priced at 100.000% in the supplement and settles on 06/25/2026.
The 06/15/2036 tranche includes a callable feature at 100.000% beginning 06/15/2028, which is a typical issuer optionality that can affect duration for investors. Final aggregate sizes and proceeds are pending the completed pricing supplement.
Documentation is a pricing supplement subject to completion and tied to a prospectus supplement and prospectus.
The text repeatedly states the pricing supplement is "subject to completion" and that final sales cannot occur until delivery of a final pricing supplement dated and completed. The offering references the prospectus dated March 1, 2024 and prospectus supplement dated August 5, 2024, and notes DTC book-entry settlement procedures.
Investor protections and limitations — including record dates, survivor’s option restrictions, and redemption notice periods — are described or cross-referenced to the prospectus supplement; aggregate principal amounts and final pricing terms will be provided in the completed pricing supplement.
Key Figures
Key Terms
InterNotes financial
survivor’s option legal
DTC Book-Entry market
callable at 100.000% financial
Offering Details
This pricing supplement, which is not complete, relates to an automatically effective Registration Statement under the Securities Act of 1933, as amended. We may not sell the notes until we deliver a final pricing supplement. This pricing supplement and the accompanying prospectus supplement and prospectus are not an offer to sell these notes in any jurisdiction where such an offer would not be permitted.
Subject to completion, dated June 15, 2026
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Prudential Financial InterNotes® , Due Six Months or More from Date of Issue Filed under Rule 424(b)(2), Registration Statement No. 333-277590 Preliminary Pricing Supplement No. 45 - Dated Monday, June 15, 2026. To Prospectus Dated March 1, 2024 and Prospectus Supplement dated August 5, 2024 Investors should read this pricing supplement in conjunction with the Prospectus and Prospectus Supplement. |
| CUSIP Number |
Aggregate Principal Amount |
Selling Price |
Gross Concession |
Net Proceeds |
Interest Type |
Interest Rate |
Payment Frequency |
Maturity Date |
1st Interest Payment |
1st Interest Payment |
Survivor’s Option* |
Product Ranking | ||||||||||||
| 74432BB64 |
[] | 100.000% | 1.250% | [] | Fixed | 4.650% | Semi-Annual | 06/15/2031 | 12/15/2026 | $21.96 | Yes | Senior Unsecured Notes | ||||||||||||
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We will pay you interest on the notes on a Semi-Annual basis on Jun 15th and Dec 15th. The first such payment will be made on Dec 15, 2026. The interest rate per annum and stated maturity date are set out above. The regular record dates for your notes are each business day preceding each date on which interest is paid.
Any notes sold by the selling agents to securities dealers, or by securities dealers to certain other brokers or dealers, may be sold at a discount from the initial selling price up to 0.6000% of the principal amount.
Redemption Information: Non-Callable
Purchasing Agent: InspereX LLC Agents: Academy Securities, Inc., BofA / Merrill Lynch, Citigroup, Morgan Stanley, RBC Capital Markets, Wells Fargo Advisors
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| CUSIP Number |
Aggregate Principal Amount |
Selling Price |
Gross Concession |
Net Proceeds |
Interest Type |
Interest Rate |
Payment Frequency |
Maturity Date |
1st Interest Payment |
1st Interest Payment |
Survivor’s Option* |
Product Ranking | ||||||||||||
| 74432BB72 |
[] | 100.000% | 1.450% | [] | Fixed | 4.850% | Semi-Annual | 06/15/2033 | 12/15/2026 | $22.90 | Yes | Senior Unsecured Notes | ||||||||||||
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We will pay you interest on the notes on a Semi-Annual basis on Jun 15th and Dec 15th. The first such payment will be made on Dec 15, 2026. The interest rate per annum and stated maturity date are set out above. The regular record dates for your notes are each business day preceding each date on which interest is paid.
Any notes sold by the selling agents to securities dealers, or by securities dealers to certain other brokers or dealers, may be sold at a discount from the initial selling price up to 0.6500% of the principal amount.
Redemption Information: Non-Callable
Purchasing Agent: InspereX LLC Agents: Academy Securities, Inc., BofA / Merrill Lynch, Citigroup, Morgan Stanley, RBC Capital Markets, Wells Fargo Advisors
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| CUSIP Number |
Aggregate Principal Amount |
Selling Price |
Gross Concession |
Net Proceeds |
Interest Type |
Interest Rate |
Payment Frequency |
Maturity Date |
1st Interest Payment |
1st Interest Payment |
Survivor’s Option* |
Product Ranking | ||||||||||||
| 74432BB80 |
[] | 100.000% | 1.800% | [] | Fixed | 5.050% | Semi-Annual | 06/15/2036 | 12/15/2026 | $23.85 | Yes | Senior Unsecured Notes | ||||||||||||
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Subject to our redemption right, we will pay you interest on the notes on a Semi-Annual basis on Jun 15th and Dec 15th. The first such payment will be made on Dec 15, 2026. The interest rate per annum and stated maturity date are set out above. The regular record dates for your notes are each business day preceding each date on which interest is paid.
Any notes sold by the selling agents to securities dealers, or by securities dealers to certain other brokers or dealers, may be sold at a discount from the initial selling price up to 0.9000% of the principal amount.
Redemption Information: Callable at 100.000% on 06/15/2028 and every interest payment date thereafter.
This tranche of Prudential Financial, Inc. InterNotes (CUSIP 74432BB80) will be subject to redemption at the option of Prudential Financial, Inc., in whole on the interest payment date occurring on 06/15/2028 and on any interest payment date thereafter at a redemption price equal to 100% of the principal amount of this tranche of Prudential Financial, Inc. InterNotes plus accrued and unpaid interest thereon, if any, upon at least 30 Calendar Days prior notice to the noteholder and the trustee, as described in the prospectus supplement.
Additional Information: The notes do not amortize and are not zero coupon or original discount notes.
Purchasing Agent: InspereX LLC Agents: Academy Securities, Inc., BofA / Merrill Lynch, Citigroup, Morgan Stanley, RBC Capital Markets, Wells Fargo Advisors
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| Offering Date: Monday, June 15, 2026 through Monday, June 22, 2026 |
Prudential Financial, Inc. | |
| Trade Date: Monday, June 22, 2026 @ 12:00 PM ET |
Prudential Financial Internotes® | |
| Settle Date: Thursday, June 25, 2026 |
Prospectus Dated March 1, 2024 and | |
| Minimum Denomination/Increments: $1,000.00/$1,000.00 |
Prospectus Supplement Dated August 5, 2024 | |
| Initial trades settle flat and clear SDFS: DTC Book-Entry only |
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| DTC Number 0235 via RBC Dain Rauscher Inc. |
If the maturity date, redemption date or an interest payment date for any note is not a business day (as that term is defined in the prospectus), principal, premium, if any, and interest for that note is paid on the next business day, and no interest will accrue from, and after, the maturity date, redemption date or interest payment date (following unadjusted business day convention).
* The survivor’s option feature of your note is subject to important limitations, restrictions and procedural requirements further described on page S-32 of your prospectus supplement.
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The Bank of New York will act as trustee for the Notes. Citibank, N.A., will act as paying agent, registrar and transfer agent for the Notes and will administer any survivor’s options with respect thereto.
Notes will be sold to you at the selling price specified in this Pricing Supplement. The Purchasing Agent shall purchase notes from us at the selling price less the applicable gross concession specified in this Pricing Supplement. The Purchasing Agent may resell the notes it purchases to the agents and selected dealers at the selling price less a concession that, at the discretion of the Purchasing Agent, may be less than or equal to the gross concession received by the Purchasing Agent. Notes purchased by the agents and selected dealers on behalf of level-fee investment advisory accounts may be sold to such accounts at the selling price less the applicable concession, and such agents and selected dealers shall not retain, as compensation, any portion of such concession applicable to such selling agents and dealers. In that instance, the Purchasing Agent may retain the portion of the gross concession applicable to the Purchasing Agent.
InterNotes® is a registered trademark of InspereX Holdings LLC. All Rights Reserved.
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