Commentary & Deal Flow

Nippon Life Insurance Co (NIPLIF) exp A2/A US$1.85bn 144A/Reg S no reg rights 2-part sr notes (5y FXD due 4/2/31 and 7y FXD due 4/2/33). MWC then 1mo par call on 5y (3/2/31) and 2mos on 7y (2/2/33). JPM (B&D)/Citi/BofA Securities/HSBC/MS joint active books. First Pay: 10/2/26. Day Count: 30/360. Denoms: 200,000 x 1,000. Listing: Singapore. Law: New York. Sale into Canada; Yes - Exemption. Selling Restrictions: No Sales into Japan. UOP: gcp. Pricing 3/25. Settle 4/2 (T+6). Marketing: Deal Roadshow: https://dealroadshow.com/ (Passcode: NLIC26).

IPTs: 5y T+120 area, 7y T+135 area.
RVSD IPTs: 5y T+110 area, 7y T+125 area. 

LAUNCHED: $1.1bn 5y at T+78, $750m 7y at T+90.

PRICED:
$1.1bn 4.748% 4/2/31 100.00 4.748% T+78. MW+15.
$750m 5.046% 4/2/33 100.00 5.046% T+90. MW+15.