By Cristal Cody
Chicago, Nov. 9 – Principal Life Global Funding II sold an upsized $600 million of 1.5% funding agreement-backed notes with a five-year tenor in the Tuesday market, according to a market source.
The notes priced with a 55 basis points spread over Treasuries, 20 bps low to the 75 bps area talk.
The notes started at a $400 million issue size.
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.
| Issuer: | Principal Life Global Funding II
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| Issue: | FA-backed notes
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| Amount: | $600 million
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| Maturity: | Nov. 17, 2026
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| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and U.S. Bancorp Investments Inc.
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| Coupon: | 1.5%
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| Spread: | Treasuries plus 55 bps
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| Trade date: | Nov. 9
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| Price talk: | Treasuries plus 75 bps area
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