By Cristal Cody
Chicago, June 2 – New York Life Global Funding sold a two-part offering of funding agreement-backed notes due June 9, 2026 on Wednesday, according to a market source.
The issuer sold $350 million of floating-rate notes with a SOFR plus 48 basis points interest rate.
Additionally, New York Life sold $400 million of 1.15% fixed-rate notes at a spread of Treasuries plus 37 bps. The notes priced low to spread talk in the 55 bps area.
Barclays, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are the bookrunners.
New York Life Global is a unit of New York-based mutual insurance company New York Life Insurance Co.
| Issuer: | New York Life Global Funding
|
| Amount: | $750 million
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| Issue: | Funding agreement-backed floating-rate and fixed-rate notes
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| Maturity: | June 9, 2026
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| Bookrunners: | Barclays, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC
|
| Trade date: | June 2
|
|
|
| Floaters
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| Amount: | $350 million
|
| Issue: | Funding agreement-backed floating-rate notes
|
| Coupon: | SOFR plus 48 bps
|
|
|
| Fixed-rate notes
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| Amount: | $400 million
|
| Issue: | Funding agreement-backed fixed-rate notes
|
| Coupon: | 1.15%
|
| Spread: | Treasuries plus 37 bps
|
| Price talk: | Treasuries plus 55 bps area
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