By Cristal Cody
Chicago, Sept. 9 – Northwestern Mutual Global Funding priced $700 million of 4.35% funding agreement-backed notes with a five-year tenor on Thursday, according to information from a market source.
The notes priced at 98 basis points over Treasuries. Initial price talk had them coming in the 120 bps area.
Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are the bookrunners.
The issuer is a special purpose statutory trust for Milwaukee-based Northwestern Mutual Life Insurance Co.
| Issuer: | Northwestern Mutual Global Funding
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| Amount: | $700 million
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| Issue: | FA-backed notes
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| Maturity: | Sept. 15, 2027
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| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC
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| Coupon: | 4.35%
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| Spread: | Treasuries plus 98 bps
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| Pricing date: | Sept. 8
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| Initial price talk: | Treasuries plus 120 bps area
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