By Marisa Wong and Cristal Cody
Los Angeles, Jan. 19 – Principal Life Global Funding II priced $500 million of 5.1% five-year funding agreement-backed notes at a spread of 110 basis points over Treasuries on Thursday, according to a market source.
Initial price talk was in the Treasuries plus 130 bps area.
BofA Securities, Inc., Citigroup Global Markets Inc., 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: | $500 million
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| Issue: | Funding agreement-backed notes
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| Maturity: | Jan. 25, 2029
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| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC
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| Coupon: | 5.1%
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| Spread: | Treasuries plus 110 bps
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| Pricing date: | Jan. 18
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| Initial price talk: | Treasuries plus 130 bps area
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