Commentary & Deal Flow

IPTs: 7yr: MS+105/110bp

• Issuer: Metropolitan Life Global Funding I
• LEI Number: 635400MMSOCXNNNZDZ82
• Funding Agreement Provider: Metropolitan Life Insurance Company
• Expected Security Ratings: Aa3/AA-/AA- (Moody's/S&P/Fitch)
• Format: Funding Agreement-Backed notes, Reg S Cat 3 (Registered)
• Size: € Benchmark
• Settlement: 27-May-26 (T+5)
• Maturity: 27-May-33
• Initial Price Thoughts: MS+105/110 bps
• Coupon: Fixed-Rate, Annual (Act/Act)
• Benchmark Security: DBR 2.300% 15-Feb-33
• Docs: U.S.$40,000,000,000 Global Note Issuance Program Offering Circular, dated 05-Dec-25, as supplemented by the First Offering Circular Supplement, dated 11-Mar-26, and the Second Offering Circular Supplement, dated 13-May-26
• Target Market: MiFID II/UK MiFIR Eligible counterparties and professional clients only (all distribution channels). No sales to EEA or UK retail. No KID will be prepared.
• Expected Listing: Euronext Dublin
• Advertisement: The Offering Circular is available at https://live.euronext.com/en/product/bonds-detail/p525%7C24523/documents
• Governing Law: New York Law
• Denom: €100k x €1k
• UoP: To purchase relevant Funding Agreements from Metropolitan Life Insurance Company
• Bookrunners: BNP Paribas / Deutsche Bank AG, London Branch / Goldman Sachs International / J.P. Morgan Securities plc
• ISIN: XS3386672565
• Timing: Today’s Business
• Sales into Canada: Yes, exemption