By Rebecca Melvin and Cristal Cody
Concord, N.H., Jan. 5 – Northwestern Mutual Global Funding sold $550 million of 1.75% funding agreement-backed notes due Jan. 11, 2027 to yield Treasuries plus 40 basis points, according to a market source.
The five-year notes were initially talked with a spread in the high 50 bps area over the relevant benchmark Treasury.
BofA Securities, Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are the bookrunners.
The issuer is a special purpose statutory trust for Northwestern Mutual Life Insurance Co.
Issuer: | Northwestern Mutual Global Funding
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Issue: | Notes
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Amount: | $550 million
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Maturity: | Jan. 11, 2027
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Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC
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Coupon: | 1.75%
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Spread: | Treasuries plus 40 bps
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Pricing date: | Jan. 4
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Price guidance: | Treasuries plus high 50 bps area
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