New York Life plans FA-back notes due 2025 in two parts, sets talk

By Marisa Wong and Cristal Cody

Los Angeles, Jan. 11 – New York Life Global Funding plans to price funding agreement-backed notes due Jan. 14, 2025 in two tranches, according to a market source.

The floating tranche will bear interest at SOFR plus a spread.

The fixed-rate tranche is talked with a spread in the Treasuries plus high 40 basis points area.

BofA Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and R. Seelaus & Co. Inc. are the bookrunners.

The issuer is a special purpose entity for New York-based life insurance company New York Life Insurance Co.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.