By Cristal Cody
Tupelo, Miss., April 9 - Metropolitan Life Global Funding I sold C$800 million of senior notes (Aa3/AA-/AA-) in a two-part private placement maple bond offering on Wednesday, according to an informed source.
The $500 million tranche of 2.682% notes due April 16, 2019 priced at par to yield a spread of 95 basis points over the interpolated Government of Canada bond curve.
MetLife Global Funding also sold $300 million of 2.107% notes due April 16, 2021 at par. The final spread was not released.
TD Securities Inc., CIBC World Markets Inc. and Merrill Lynch Canada Inc. were the lead managers.
Maple bonds are Canadian dollar-denominated bonds issued domestically by foreign companies.
MetLife Global Funding is the funding arm of New York City-based insurance company Metropolitan Life Insurance Co.
| Issuer: | Metropolitan Life Global Funding I
|
| Amount: | C$800 million
|
| Securities: | Senior notes
|
| Bookrunners: | TD Securities Inc., CIBC World Markets Inc. and Merrill Lynch Canada Inc.
|
| Pricing date: | April 9
|
| Settlement date: | April 16
|
| Ratings: Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Distribution: | Canada private placement
|
|
|
| Five-year notes
|
| Amount: | C$500 million
|
| Maturity: | April 16, 2019
|
| Coupon: | 2.682%
|
| Price: | Par
|
| Yield: | 2.682%
|
| Spread: | 95 bps over interpolated Government of Canada bond curve
|
|
|
| Seven-year notes
|
| Amount: | C$300 million
|
| Maturity: | April 16, 2021
|
| Coupon: | 2.107%
|
| Price: | Par
|
| Yield: | 2.107%
|
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