Principal Life talks dollar-denominated FA-backed notes due 2024 at Treasuries plus 45 bps area

By Cristal Cody

Tupelo, Miss., Dec. 1 – Principal Life Global Funding II plans to price senior secured notes due Jan. 12, 2024 (A1/A+) that are backed by funding agreements on Tuesday, according to a market source.

Initial price talk is in the Treasuries plus 45 basis points area.

BofA Securities, Inc., Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC are the bookrunners of the Rule 144A and Regulation S offering.

Principal Life Global Funding II is a debt issuer arm of Principal Financial Group, Inc., a Des Moines-based retirement savings, investment and insurance products company.

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