Event Publicly Available Information:
Is there a Successor to Prudential Plc?
The Eligible Market Participant that submitted the DC Question included the following links:
Prudential Plc / Prudential Funding Asia Plc press release
Issuer\’s credit investor information and documentation page (including guarantee terms)
Fitch notice
Moody\’s notice
Slaughter and May deal announcement
The Eligible Market Participant that submitted the DC Question noted that Prudential Funding (Asia) Plc was substituted in place of Prudential Plc as issuer of certain notes. The Eligible Market Participant requested that the EMEA DC consider whether, following such substitution, the guarantees of the notes from Prudential Plc are Qualifying Guarantees (and therefore whether or not there is a Successor for 2014 Transactions).
| Date | Description | Document |
|---|---|---|
| Closed | EMEA DC Meeting Statement – 2 August 2023 The EMEA DC considered whether there was a Successor to Prudential plc (the Reference Entity) due to the substitution of the issuer of certain notes originally issued by the Reference Entity. In the case of each of the following notes, Prudential Funding (Asia) plc became the issuer and the Reference Entity became the guarantor:
On the basis that the Reference Entity provided a guarantee in respect of each of the Notes, the EMEA DC reviewed the terms of such guarantees. The EMEA DC determined that, other than the Undated Notes, the guarantees in respect of each of the Notes were Qualifying Guarantees for the purposes of the 2014 Definitions. Accordingly the EMEA DC determined that the Reference Entity remained liable for such Notes in each case by way of a Relevant Guarantee and that there had been no Successor for the purposes of Section 2.2 of the 2014 Definitions. The Reference Entity remains Prudential plc. The EMEA DC did not make a determination on whether or not the guarantee provided by the Reference Entity in respect of the Undated Notes was a Qualifying Guarantee for the purposes of the 2014 Definitions. However, this does not affect the conclusions set out above. | |
| Ongoing | Update 19 July 2023: By way of update, the EMEA DC will meet next week to continue the deliberations with respect to Prudential Plc. Update 27 July 2023: The EMEA DC meeting originally scheduled for Friday 28 July 2023 was rescheduled to Monday 31 July 2023. | |
| Ongoing | EMEA DC Meeting Statement - 28 June 2023 The EMEA DC met today to continue discussions in relation to the DC Question. The EMEA DC agreed to meet again in due course to continue discussions. | |
| Ongoing | EMEA DC Meeting Statement - 21 June 2023 The EMEA DC met today to continue discussions in relation to the DC Question. The EMEA DC agreed to meet again on Tuesday 27 June 2023 to continue discussions. Note: Pursuant to DC Rule 2.4(d), the DC agreed to extend the deadline for holding a binding vote with respect to this DC Question. Note: The call to discuss Prudential was moved to Wednesday 28 June 2023 to accommodate other EMEA DC meetings. | |
| Ongoing | EMEA DC Meeting Statement - 5 June 2023 The EMEA DC met today to continue discussions in relation to the DC Question. The EMEA DC agreed to meet again in due course to continue discussions. Note: the call to discuss Prudential Plc was moved to Wednesday 21 June 2023 to accommodate other EMEA DC meetings. | |
| Ongoing | EMEA DC Meeting Statement - 31 May 2023 The EMEA DC met today to commence discussions in relation to the DC Question. The EMEA DC agreed to meet again on Monday 5 June 2023 to continue discussions. | |
| Request Accepted by DC | Pursuant to the standing resolution passed by the EMEA Determinations Committee (DC) on June 21, 2010, the first meeting of the EMEA DC to deliberate the DC Questions relating to this DC Issue has been deferred pending deliberation of such DC Questions by the EMEA DC legal subcommittee. Please refer to EMEA_DC_Standing_Resolution_210610. | |
| Pending DC Consent |