By Devika Patel and Cristal Cody
Knoxville, Tenn., Jan. 5 – Metropolitan Life Global Funding I priced $2 billion of notes in three tranches on Monday, according to a market source.
The company sold $625 million of three-year floating-rate notes at SOFR plus 32 basis points.
A $625 million tranche of 0.4% three-year notes priced at a spread of Treasuries plus 25 bps. The bonds were talked to print in the 40 bps area over Treasuries.
Also, $750 million of 1.55% 10-year notes came at a Treasuries plus 68 bps spread. The bonds were talked at the Treasuries plus 87.5 bps area.
BofA Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the bookrunners.
The issuer is a financing arm of New York-based insurance and employee benefits company MetLife Inc.
| Issuer: | Metropolitan Life Global Funding I
|
| Amount: | $2 billion
|
| Description: | Fixed- and floating-rate notes
|
| Bookrunners: | BofA Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
|
| Trade date: | Jan. 4
|
|
|
| Floaters
|
| Amount: | $625 million
|
| Description: | Floating-rate notes
|
| Maturity: | Jan. 7, 2024
|
| Coupon: | SOFR plus 32 bps
|
|
|
| Three-year notes
|
| Amount: | $625 million
|
| Description: | Fixed-rate notes
|
| Maturity: | Jan. 7, 2024
|
| Coupon: | 0.4%
|
| Spread: | Treasuries plus 25 bps
|
| Price guidance: | Treasuries plus 40 bps area
|
|
|
| 10-year notes
|
| Amount: | $750 million
|
| Description: | Fixed-rate notes
|
| Maturity: | Jan. 7, 2031
|
| Coupon: | 1.55%
|
| Spread: | Treasuries plus 68 bps
|
| Price guidance: | Treasuries plus 87.5 bps area
|
|
|
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