By Devika Patel and Cristal Cody
Knoxville, Tenn., Jan. 6 – Principal Life Global Funding II priced $550 million of 0.875% five-year notes at a spread of Treasuries plus 52 basis points on Tuesday, according to a market source.
The notes were talked in the 70 bps spread area.
Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and U.S. Bancorp Investments Inc. were the bookrunners.
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.
| Issuer: | Principal Life Global Funding II
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| Amount: | $550 million
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| Securities: | Notes
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| Maturity: | Jan. 12, 2026
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| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and U.S. Bancorp Investments Inc.
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| Coupon: | 0.875%
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| Spread: | Treasuries plus 52 bps
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| Trade date: | Jan. 5
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| Price guidance: | Treasuries plus 70 bps area
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