By Marisa Wong and Cristal Cody
Los Angeles, June 22 – Principal Life Global Funding II priced $300 million of 5.5% five-year funding agreement-backed notes at a spread of 155 basis points over Treasuries on Wednesday, according to a market source.
Initial price talk was in the Treasuries plus 165 bps area.
BNP Paribas Securities Corp., Barclays, Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC are 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: | $300 million
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Issue: | Funding agreement-backed notes
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Maturity: | June 28, 2028
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Bookrunners: | BNP Paribas Securities Corp., Barclays, Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC
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Coupon: | 5.5%
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Spread: | Treasuries plus 155 bps
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Trade date: | June 21
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Initial price talk: | Treasuries plus 165 bps area
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