By Rebecca Melvin and Cristal Cody
Concord, N.H., Jan. 12 – New York Life Global Funding sold $900 million of funding agreement-backed notes due Jan. 14, 2025 in a two-part offering on Tuesday, according to a market source.
The $450 million floating-rate tranche will bear interest at SOFR plus 33 basis points.
The $450 million 1.45% fixed-rate notes priced at a spread of Treasuries plus 30 basis points, which was tight to talk for a yield spread in the Treasuries plus high 40 bps area.
BofA Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and R. Seelaus & Co. Inc. are the bookrunners.
The issuer is a special purpose entity for New York-based mutual insurance company New York Life Insurance Co.
| Issuer: | New York Life Global Funding
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| Amount: | $900 million
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| Maturity: | Jan. 14, 2025
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| Bookrunners: | BofA Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and R. Seelaus & Co. Inc.
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| Trade date: | Jan. 11
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| Floaters
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| Amount: | $450 million
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| Issue: | Funding agreement-backed floating-rate notes
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| Coupon: | SOFR plus 33 bps
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| Fixed-rate notes
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| Amount: | $450 million
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| Issue: | Funding agreement-backed fixed-rate notes
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| Coupon: | 1.45%
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| Spread: | Treasuries plus 30 bps
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| Price talk: | Treasuries plus high 40 bps area
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