By Cristal Cody
Prospect News, April 4 - Metropolitan Life Global Funding I sold an upsized C$350 million of 2.624% three-year maple notes (Aa3/AA-/) at par on Wednesday, an informed bond source said.
The notes due April 10, 2015 priced at a spread of 123.1 basis points over the Government of Canada benchmark, or 125 bps over the Canadian bond curve.
The deal was upsized from C$200 million and launched at 125 bps over the Canadian bond curve.
CIBC World Markets Inc., Scotia Capital Inc. and TD Securities Inc. were lead managers. Co-managers were HSBC Capital (Canada) Inc. and Bank of America Merrill Lynch.
Maple bonds are Canadian dollar-denominated bonds issued by foreign companies.
MetLife Global Funding is the funding arm of U.S.-based insurance company Metropolitan Life Insurance Co.
| Issuer: | Metropolitan Life Global Funding I
|
| Amount: | C$350 million
|
| Maturity: | April 10, 2015
|
| Securities: | Maple bonds
|
| Bookrunners: | CIBC World Markets Inc., Scotia Capital Inc., TD Securities Inc.
|
| Co-managers: | HSBC Capital (Canada) Inc., Bank of America Merrill Lynch
|
| Coupon: | 2.624%
|
| Price: | Par
|
| Yield: | 2.624%
|
| Spread: | 123.1 bps over Government of Canada benchmark
|
| Call feature: | Not applicable
|
| Pricing date: | April 4
|
| Settlement date: | April 10
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Distribution: | Canada
|
| Price talk: | 125 bps over Canadian bond curve
|
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