By Rebecca Melvin and Cristal Cody
Concord, N.H., Jan. 7 – Protective Life Global Funding priced $450 million of 1.646% three-year funding agreement-backed notes to yield Treasuries plus 50 basis points, according to a market source.
Pricing, which occurred on Thursday, was tight to talk for a yield in the 65 bps to 70 bps over Treasuries area.
Deutsche Bank Securities Inc., Mizuho Securities USA Inc., PNC Capital Markets LLC and Wells Fargo Securities LLC are 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
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Amount: | $450 million
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Issue: | Funding agreement-backed notes
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Maturity: | Jan. 13, 2025
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Bookrunners: | Deutsche Bank Securities Inc., Mizuho Securities USA Inc., PNC Capital Markets LLC and Wells Fargo Securities LLC
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Coupon: | 1.646%
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Spread: | Treasuries plus 50 bps
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Trade date: | Jan. 6
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Guidance: | Treasuries plus 65 bps to 70 bps area
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