By Cristal Cody
Tupelo, Miss., April 8 – Pacific Life Global Funding II priced $800 million of 1.375% funding agreements-backed sustainability notes due April 15, 2026 (A1/AA-/AA-) at a spread of Treasuries plus 53 basis points, according to a market source.
Initial price talk was in the 75 bps over Treasuries area.
BNP Paribas Securities Corp., Citigroup Global Markets Inc. and J.P. Morgan Securities, LLC were the bookrunners.
Pacific Life Global Funding II is part of Newport Beach, Calif.-based insurance company Pacific Life Insurance Co.
| Issuer: | Pacific Life Global Funding II
|
| Amount: | $800 million
|
| Description: | FA-backed sustainability notes
|
| Maturity: | April 15, 2026
|
| Bookrunners: | BNP Paribas Securities Corp., Citigroup Global Markets Inc. and J.P. Morgan Securities, LLC
|
| Coupon: | 1.375%
|
| Spread: | Treasuries plus 53 bps
|
| Trade date: | April 7
|
| Ratings: | Moody’s: A1
|
| S&P: AA-
|
| Fitch: AA-
|
| Price talk: | Treasuries plus 75 bps area
|
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