By Marisa Wong and Cristal Cody
Los Angeles, June 8 – New York Life Global Funding priced $1 billion of funding agreement-backed notes in two parts on June 1, according to a market source.
The company sold $350 million of two-year floating-rate notes at SOFR plus 43 basis points.
In addition, the company priced $650 million of 3.15% two-year notes with a spread of Treasuries plus 53 bps. Initial price talk was in the Treasuries plus 75 bps area.
Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Samuel A. Ramirez & Co. Inc. and U.S. Bancorp Investments 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: | $1 billion
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| Issue: | Funding agreement-backed notes
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| Maturity: | June 6, 2024
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| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Samuel A. Ramirez & Co. Inc. and U.S. Bancorp Investments Inc.
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| Pricing date: | June 1
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|
| Floaters
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| Amount: | $350 million
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| Coupon: | SOFR plus 43 bps
|
|
|
| Fixed-rate notes
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| Amount: | $650 million
|
| Coupon: | 3.15%
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| Spread: | Treasuries plus 53 bps
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| Initial price talk: | Treasuries plus 75 bps area
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