By Andrea Heisinger
Omaha, Dec. 7 - Principal Life Income Fundings Trust 34 priced $500 million in 5.3% five-year medium-term notes Friday to yield 180 basis points more than Treasuries, a market source said.
The non-callable notes (Aa2/AA) priced at 99.922 to yield 5.318%.
Bookrunners were Deutsche Bank Securities Inc. and Lehman Brothers Inc.
The financing arm of Principal Life Insurance Co. is based in Des Moines.
| Issuer: | Principal Life Income Fundings Trust 34
|
| Issue: | Medium-term notes
|
| Amount: | $500 million
|
| Maturity: | Dec. 14, 2012
|
| Bookrunners: | Deutsche Bank Securities Inc., Lehman Brothers Inc.
|
| Coupon: | 5.3%
|
| Price: | 99.922
|
| Yield: | 5.318%
|
| Spread: | Treasuries plus 180 bps
|
| Call: | Non-callable
|
| Trade date: | Dec. 7
|
| Settlement date: | Dec. 14
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
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