Commentary & Deal Flow

IPTs: 5yr:T+120a 7yr:T+135a

• Issuer: Nippon Life Insurance Company
• Type: Senior Unsecured Notes
• Issuer Financial Strength Ratings: A1/A+ (Moody's/S&P)
• Expected Issue Ratings: A2/A (Moody's/S&P)
• Rating Split: Issuer: A1/A+ (Moody's/S&P), Issue: A2/A (Moody's/S&P)
• Size: US$ Benchmark size (each tranche)
• Maturity:
• • 5yr: 02-Apr-31
  • 7yr: 02-Apr-33
• Par Call:
• • 5yr: Yes (1-month)
  • 7yr: Yes (2-month)
• Make-whole Call: Yes
• Settlement: 02-Apr-26 (T+6)
• Coupon: Payable semi-annually in arrears
• Use of Proceeds: General corporate purposes
• Denominations: US$200,000 and integral multiples of US$1,000 in excess thereof
• Format: 144A/Reg S
• Listing: Singapore
• Governing Law: New York State Law
• Bookrunners: JPM (B&D), Citi, BofA Securities, HSBC, MS
• Deal Roadshow: https://dealroadshow.com/ (Passcode: NLIC26)
• Timing: Today’s business, pricing during NY hours