By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Jan. 5 – Principal Life Global Funding II priced an upsized $600 million of 1.375% three-year funding agreement-backed notes on Tuesday, a market source said.
The notes priced at a spread of 47 basis points over Treasuries versus talk for a spread in the Treasuries plus 65 bps to 70 bps area. The issue size was talked at $400 million.
Barclays, BNP Paribas Securities Corp., Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc. are bookrunners for the Rule 144A and Regulation S offering.
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.
| Issuer: | Principal Life Global Funding II
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| Amount: | $600 million
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| Issue: | Funding agreement-backed notes
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| Maturity: | Jan. 10, 2025
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| Bookrunners: | Barclays, BNP Paribas Securities Corp., Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc.
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| Coupon: | 1.375%
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| Spread: | Treasuries plus 47 bps
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| Pricing date: | Jan. 4
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| Distribution: | Rule 144A and Regulation S
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| Talk: | Treasuries plus 65 bps to 70 bps area, issue size of $400 million
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