Prudential offers 5.05%–5.70% notes to 2036

Prudential Financial plans a three-tranche fixed-rate InterNotes offering with maturities in 2029, 2031 and 2036, including a callable 2036 series and survivor’s options.

Rhea-AI Filing Summary

Prudential Financial, Inc. (PFH) plans to issue three series of Senior Unsecured InterNotes under an automatically effective shelf registration. The tranches carry fixed coupons of 5.050% (due September 15, 2029), 5.350% (due September 15, 2031), and 5.700% (due September 15, 2036). All are priced at 100.000% of principal and pay interest semi-annually on March 15 and September 15, beginning March 15, 2027, with first interest payments per $1,000 of $23.99, $25.41 and $27.08, respectively.

The 2029 and 2031 notes are non-callable, while the 2036 notes are callable at 100.000% on September 15, 2028 and on any subsequent interest payment date. Each tranche includes a survivor’s option and does not amortize or constitute zero-coupon or original issue discount notes. The offering period runs from September 14, 2026 through September 21, 2026, with a trade date of September 21, 2026 and settlement on September 24, 2026 in $1,000 minimum denominations.

Key Figures

Coupon rate 2029 notes: 5.050% per year Coupon rate 2031 notes: 5.350% per year Coupon rate 2036 notes: 5.700% per year +5 more

8 metrics

Coupon rate 2029 notes 5.050% per year Senior Unsecured Notes maturing September 15, 2029

Coupon rate 2031 notes 5.350% per year Senior Unsecured Notes maturing September 15, 2031

Coupon rate 2036 notes 5.700% per year Senior Unsecured Notes maturing September 15, 2036

First interest payment amounts $23.99, $25.41 and $27.08 per $1,000 First payments on March 15, 2027 for 2029, 2031 and 2036 tranches

Gross concessions 0.825%, 1.250% and 1.800% Dealer concessions for 2029, 2031 and 2036 notes, respectively

Maximum dealer discounts 0.3000%, 0.6000% and 0.9000% Maximum discounts to securities dealers for each tranche

Offering period September 14–21, 2026 InterNotes offering window

Minimum denomination $1,000 Minimum denomination and increment for each note

Key Terms

Survivor’s Option, Senior Unsecured Notes, business day convention, original discount notes, +1 more

5 terms

Survivor’s Option financial

"The survivor’s option feature of your note is subject to important limitations"

A survivor’s option is a built‑in choice in a pension, life insurance policy, or executive benefit that decides what a designated beneficiary receives if the primary recipient dies — for example a smaller continuing monthly payment, a one‑time lump sum, or continued coverage. It matters to investors because these options affect a company’s future cash obligations and the real value of executive pay; like choosing between a smaller steady income versus a one‑time payout, they change how much the company may owe later.

Senior Unsecured Notes financial

"Yes | | Senior Unsecured Notes We will pay you interest on the notes"

Senior unsecured notes are a type of loan a company borrows from investors, promising to pay back with interest. They are called "unsecured" because they aren’t backed by specific assets like buildings or equipment, but "senior" because they are paid back before other debts if the company gets into trouble. Investors see them as a relatively safer way for companies to raise money.

business day convention financial

"following unadjusted business day convention"

original discount notes financial

"are not zero coupon or original discount notes"

DTC Book-Entry financial

"Initial trades settle flat and clear SDFS: DTC Book-Entry only"

Offering Details

shelf

Offering

Offering Type shelf

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What securities is Prudential Financial (PFH) offering in this 424B2 pricing supplement?

Prudential Financial plans to issue three series of Senior Unsecured InterNotes with fixed coupons of 5.050% due 2029, 5.350% due 2031, and 5.700% due 2036, each priced at 100.000% of principal and paying semi-annual interest.

What are the maturity dates and interest payment schedule for the new PFH InterNotes?

Maturities are September 15, 2029, September 15, 2031, and September 15, 2036. Interest is paid semi-annually on March 15 and September 15, starting March 15, 2027, with regular record dates on each business day preceding an interest payment date.

Is any of the new Prudential Financial (PFH) debt callable and on what terms?

The 2036 InterNotes are callable at 100.000% of principal on September 15, 2028 and on any interest payment date thereafter, plus accrued and unpaid interest, at Prudential Financial’s option with at least 30 calendar days’ notice to the noteholder and trustee.

What is the offering and settlement timeline for these PFH InterNotes?

The offering period runs from September 14, 2026 through September 21, 2026. The trade date is September 21, 2026 at 12:00 PM ET, and settlement is scheduled for September 24, 2026 through DTC book-entry, in $1,000 minimum denominations and increments.

What dealer concessions and discounts apply to the PFH InterNotes offering?

Gross concessions are 0.825% on the 2029 notes, 1.250% on the 2031 notes, and 1.800% on the 2036 notes. Notes sold to securities dealers or through them to other brokers or dealers may be sold at discounts of up to 0.3000%, 0.6000%, and 0.9000% of principal, respectively.

Do the new Prudential Financial (PFH) notes include a survivor’s option and amortization features?

Each series includes a survivor’s option, subject to limitations described in the prospectus supplement. The notes do not amortize and are not zero coupon or original discount notes, meaning principal is repaid in full at maturity unless earlier redeemed.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/14/2026 - 03:22 PM Accepted by SEC EDGAR 09/14/2026 - 03:21 PM Learn about SEC filing dates

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 September 14, 2026

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. 51 - Dated Monday, September 14, 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 Date

1st Interest Payment Amount

Survivor’s Option*

Product Ranking

74432BCS5

[]

100.000%

0.825%

[]

Fixed

5.050%

Semi-Annual

09/15/2029

03/15/2027

$23.99

Yes

Senior Unsecured Notes

We will pay you interest on the notes on a Semi-Annual basis on Mar 15th and Sep 15th. The first such payment will be made on Mar 15, 2027. 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 0.3000% 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

CUSIP Number

Aggregate Principal Amount

Selling Price

Gross Concession

Net Proceeds

Interest Type

Interest Rate

Payment Frequency

Maturity Date

1st Interest Payment Date

1st Interest Payment Amount

Survivor’s Option*

Product Ranking

74432BCT3

[]

100.000%

1.250%

[]

Fixed

5.350%

Semi-Annual

09/15/2031

03/15/2027

$25.41

Yes

Senior Unsecured Notes

We will pay you interest on the notes on a Semi-Annual basis on Mar 15th and Sep 15th. The first such payment will be made on Mar 15, 2027. 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

CUSIP Number

Aggregate Principal Amount

Selling Price

Gross Concession

Net Proceeds

Interest Type

Interest Rate

Payment Frequency

Maturity Date

1st Interest Payment Date

1st Interest Payment Amount

Survivor’s Option*

Product Ranking

74432BCU0

[]

100.000%

1.800%

[]

Fixed

5.700%

Semi-Annual

09/15/2036

03/15/2027

$27.08

Yes

Senior Unsecured Notes

Subject to our redemption right, we will pay you interest on the notes on a Semi-Annual basis on Mar 15th and Sep 15th. The first such payment will be made on Mar 15, 2027. 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 09/15/2028 and every interest payment date thereafter. This tranche of Prudential Financial, Inc. InterNotes (CUSIP 74432BCU0) will be subject to redemption at the option of Prudential Financial, Inc., in whole on the interest payment date occurring on 09/15/2028 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

Offering Date: Monday, September 14, 2026 through Monday, September 21, 2026		Prudential Financial, Inc.
Trade Date: Monday, September 21, 2026 @ 12:00 PM ET		Prudential Financial Internotes®
Settle Date: Thursday, September 24, 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
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.

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.