By Cristal Cody
Tupelo, Miss., June 11 – MetLife Global Funding I priced $1 billion of notes (Aa3/AA-/) in two tranches on Tuesday, according to a market source.
The company sold $500 million of 2.4% three-year notes at a spread of Treasuries plus 57 basis points. Price guidance was in the Treasuries plus 60 bps area.
A $500 million tranche of 3.05% 10-year notes priced at a Treasuries plus 92 bps spread, on the tight side of guidance in the 95 bps spread area.
Barclays, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the bookrunners.
The issuer is a financing arm of New York City-based insurance and employee benefits company MetLife Inc.
| Issuer: | MetLife Global Funding I
|
| Amount: | $1 billion
|
| Description: | Fixed-rate notes
|
| Bookrunners: | Barclays, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC
|
| Trade date: | June 11
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA-
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Three-year notes
|
| Amount: | $500 million
|
| Maturity: | June 17, 2022
|
| Coupon: | 2.4%
|
| Spread: | Treasuries plus 57 bps
|
| Price guidance: | Treasuries plus 60 bps area, plus or minus 3 bps; initial talk at Treasuries plus 75 bps area
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | June 17, 2029
|
| Coupon: | 3.05%
|
| Spread: | Treasuries plus 92 bps
|
| Price guidance: | Treasuries plus 95 bps area, plus or minus 3 bps; initial talk at Treasuries plus 110 bps area
|
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