Principal Life II plans $400 million five-year notes to yield Treasuries plus 75 bps area

By Rebecca Melvin and Cristal Cody

Concord, N.H., Nov. 9 – Principal Life Global Funding II plans to price $400 million notes due Nov. 17, 2026 for a yield in the 75 basis points area over Treasuries, according to a market source on Tuesday.

Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and U.S. Bancorp Investments Inc. are the bookrunners for the notes.

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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