Published on 11/19/2015 in the Prospect News Investment Grade Daily.
New Issue: Protective Life sells $400 million 2.7% notes due 2020 at Treasuries plus 105 bps
By Aleesia Forni
New York, Nov. 19 – Protective Life Global Funding priced $400 million of 2.7% funding agreement-backed notes (A2/AA-) due Nov. 25, 2020 on Thursday at Treasuries plus 105 basis points, a market source said.
Bookrunners were Barclays and Deutsche Bank Securities Inc.
The issuer is a unit of Protective Life Insurance Co., a Birmingham, Ala.-based insurer.
Issuer: | Protective Life Global Funding
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Amount: | $400 million
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Description: | Funding agreement-backed notes
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Maturity: | Nov. 25, 2020
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Bookrunners: | Barclays, Deutsche Bank Securities Inc.
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Coupon: | 2.7%
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Spread: | Treasuries plus 105 bps
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Trade date: | Nov. 19
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Ratings: | Moody’s: A2
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| Standard & Poor’s: AA-
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