By Aleesia Forni
Virginia Beach, April 7 – Metropolitan Life Global Funding I priced $750 million of 2% funding agreement-backed securities (Aa3/AA-/AA-) due April 14, 2020 on Tuesday at Treasuries plus 77 basis points, an informed source said.
The company sold the notes at 99.561 to yield 2.093%.
The issue sold at the tight end of price guidance which was set in the area of 80 bps over Treasuries.
BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the joint bookrunners for the Rule 144A and Regulation S deal.
The issuer is the funding arm of New York-based insurance company Metropolitan Life Insurance Co.
| Issuer: | Metropolitan Life Global Funding I
|
| Issue: | Funding agreement-backed securities
|
| Amount: | $750 million
|
| Maturity: | April 14, 2020
|
| Joint bookrunners: | BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
|
| Coupon: | 2%
|
| Price: | 99.561
|
| Yield: | 2.093%
|
| Spread: | Treasuries plus 77 bps
|
| Price talk: | Treasuries plus 80 bps area
|
| Trade date: | April 7
|
| Settlement date: | April 10
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Distribution: | Rule 144A and Regulation S
|
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