Principal Life preps $400 million three-year FA-backed notes; talk Treasuries plus 65-70 bps area

By Cristal Cody

Chicago, Jan. 4 – Principal Life Global Funding is offering $400 million of three-year funding agreement-backed notes, a market source noted.

The notes, due Jan. 10, 2025, are being talked for a spread in the Treasuries plus 65 basis points to 70 bps area.

Barclays, BNP Paribas Securities Corp., Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc. are bookrunners.

Principal Life Global Funding 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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