By Cristal Cody
Chicago, Jan. 19 – Protective Life Global Funding sold $600 million of 5.366% funding agreement-backed notes with a three-year tenor, according to a market source.
The notes priced at Treasuries plus 118 basis points. Initial price talk was in the Treasuries plus 140 bps to 145 bps area.
Mizuho Securities USA Inc., Morgan Stanley & Co. LLC and PNC Capital Markets LLC worked as 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: | $600 million
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| Issue: | Funding agreement-backed notes
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| Maturity: | Jan. 6, 2026
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| Bookrunners: | Mizuho Securities USA Inc., Morgan Stanley & Co. LLC and PNC Capital Markets LLC
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| Coupon: | 5.366%
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| Spread: | Treasuries plus 118 bps
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| Trade date: | Jan. 3
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| Price talk: | Treasuries plus 140 bps to 145 bps area
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