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Protective Life to sell two series of funding-agreement backed notes
Chicago, April 5 – Protective Life Global Funding is in the market with a two-part offering of fixed-rate notes with funding-agreement backing (A1/AA-), according to a market source.
The first tranche is coming with an April 12, 2023 maturity and guidance in the Treasuries plus 35 basis points area, tightened from initial talk in the Treasuries plus 50 bps area.
Protective Life is also planning notes due April 15, 2026 expected in the Treasuries plus 70 bps area, lower than initial price talk in the Treasuries plus 87.5 bps area.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and PNC Capital Markets LLC are leading the deal.
Protective Life Global Funding is a Charlotte, N.C.-based debt financing vehicle for Protective Life Insurance Co.
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