By Cristal Cody
Chicago, March 17 – Northwestern Mutual Global Funding sold a two-part offering of floating-rate and fixed-rate notes on Wednesday backed by funding agreements, according to a market source.
The $350 million of floating-rate notes due March 25, 2024 priced with an interest rate based on SOFR plus 33 basis points.
The second tranche, $350 million of 0.6% notes due March 25, 2024, priced with a spread of Treasuries plus 27 bps.
BofA Securities Inc. Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the bookrunners.
The issuer is a special purpose statutory trust. The collateral of the funding agreement contract obligations comes from Northwestern Mutual Life Insurance Co.
| Issuer: | Northwestern Mutual Global Funding
|
| Issue: | Funding-agreement backed floating-rate and fixed-rate notes
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| Amount: | $700 million
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| Bookrunners: | BofA Securities Inc. Citigroup Global Markets Inc. and J.P. Morgan Securities LLC
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| Trade date: | March 17
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| Floating-rate notes
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| Amount: | $350 million
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| Issue: | Floating-rate notes
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| Maturity: | March 25, 2024
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| Coupon: | SOFR plus 33 bps
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| Fixed-rate notes
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| Amount: | $350 million
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| Issue: | Fixed-rate notes
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| Maturity: | March 25, 2024
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| Coupon: | 0.6%
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| Spread: | Treasuries plus 27 bps
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