Tightening in ALL 5.75% 2053 makes the bond expensive against peers. We highlight the dislocation against PRU 3.7% 2050. Over the LTM PRU 50's have traded 31bps tighter than ALL 53's on average. They now trade 84bps wider (3.8 standard deviations). Holders of ALL 53's have the opportunity to take profits at 98bps and switch into PRU 50's at 182bps, increasing carry while improving credit rating by one notch and shortening maturity by 3 years.