New Issue: Protective Life prices $500 million of 0.631% notes due 2023 at 45 bps spread

By Cristal Cody

Tupelo, Miss., Oct. 5 – Protective Life Global Funding priced $500 million of 0.631% funding agreement-backed notes due Oct. 13, 2023 (A1/AA-/A+) on Monday at a Treasuries plus 45 basis points spread, according to a market source.

Initial price talk was in the Treasuries plus 65 bps area.

BofA Securities, Inc., Mizuho Securities USA LLC, PNC Capital Markets LLC and Wells Fargo Securities, LLC were the bookrunners.

Protective Life Global Funding is a Charlotte, N.C.-based debt financing vehicle for Protective Life Insurance Co.

Issuer:	Protective Life Global Funding
Amount:	$500 million
Maturity:	Oct. 13, 2023
Description:	FA-backed notes
Bookrunners:	BofA Securities, Inc., Mizuho Securities USA LLC, PNC Capital Markets LLC and Wells Fargo Securities, LLC
Coupon:	0.631%
Spread:	Treasuries plus 45 bps
Trade date:	Oct. 5
Ratings:	Moody’s: A1
	S&P: AA-
	Fitch: A+
Price guidance:	Treasuries plus 65 bps area

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