By Cristal Cody
Tupelo, Miss., May 5 – New York Life Global Funding sold $650 million of 1.1% three-year funding agreements-backed notes (Aaa/AA+/AAA) at a spread of Treasuries plus 87 basis points on Monday, according to a market source.
Initial price talk was in the Treasuries plus 120 bps area.
BofA Securities, Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities LLC were the bookrunners.
New York Life Global is a unit of New York-based mutual insurance company New York Life Insurance Co.
Issuer: | New York Life Global Funding
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Amount: | $650 million
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Description: | FA-backed notes
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Maturity: | May 5, 2023
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Bookrunners: | BofA Securities, Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities LLC
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Coupon: | 1.1%
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Spread: | Treasuries plus 87 bps
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Trade date: | May 4
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Ratings: | Moody’s: Aaa
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| S&P: AA+
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| Fitch: AAA
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Distribution: | Rule 144A and Regulation S
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Price guidance: | Treasuries plus 120 bps area
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