Meanwhile, interest on the notes will be paid semi-annually. The first interest payment is scheduled on June 15, 2013. Moreover, Prudential has structured these notes in a hybrid format, whereby the company may be able to redeem the new notes anytime after June 15, 2023 or within 90 days once the tax, rating agency and regulatory capital events have occurred. Prudential appointed Morgan Stanley ( MS ), JP Morgan Chase & Co. ( JPM ), Credit Suisse AG ( CS ), Barclays Capital Plc ( BCS ), Wells Fargo & Co. ( WFC ) and Deutsche Bank AG ( DB ) as the joint book-running managers for the sale. Both the set of above-mentioned notes are rated "Baa3" by Moody's Investor Service of Moody's Corp. ( MCO ), "bbb" by A.M. Best and "BBB-" by both Fitch Ratings and Standards & Poor's (S&P). The outlook remains stable for all.