By Marisa Wong and Cristal Cody
Los Angeles, Aug. 11 – Principal Life Global Funding II priced $600 million of 1.25% five-year funding agreement-backed sustainability notes at Treasuries plus 52 basis points on Tuesday, according to a market source.
Price talk was in the Treasuries plus 75 bps area.
BofA Securities Inc., BNP Paribas Securities Corp. and HSBC Securities (USA) 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: | $600 million
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| Description: | Funding agreement-backed sustainability notes
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| Maturity: | Aug. 16, 2026
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| Bookrunners: | BofA Securities Inc., BNP Paribas Securities Corp. and HSBC Securities (USA) Inc.
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| Coupon: | 1.25%
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| Spread: | Treasuries plus 52 bps
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| Pricing date: | Aug. 10
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| Price talk: | Treasuries plus 75 bps area
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