Commentary & Deal Flow

Reoffer: 7yr: UKT+80bp / 99.838 / 5.279%
Benchmark: 7yr: UKT 4.125% 03-Jul-33 @ 97.976 / HR 102%

Final Books £730m+ (incl. £30m JLM). Peak book above £895m (pre-rec)

Launched: 7yr: £450m @ UKT+80bp - Books above £895m (incl. £30m JLM | pre-rec)
Book Update: Books above £850m (incl. £20m JLM interest)
IPTs: 7yr: UKT+95/100bp

• Issuer: MassMutual Global Funding II
• LEI Number: 549300K1IE3K7YU6VG29
• Funding Agreement Provider: Massachusetts Mutual Life Insurance Company
• Expected Security Ratings: Aa3/AA+/AA+ (Moody's/S&P/Fitch)
• Format: Reg S Global Registered Note (CGN)
• Size: £450m
• Settlement: 13-Jul-26 (T+5)
• Maturity: 13-Jun-33
• Re-offer: UKT+80bp / 99.838 / 5.279% (S/A)
• Coupon: 5.250% Fixed-Rate, Semi-Annual (Act/Act)
• Benchmark Security: Mid UKT 4.125% due 03-Jul-33 (97.976 MID | 97.948 BID) | HR 102%
• Docs: Issued under the Issuer’s $22,000,000,000 Global Debt Issuance Program, pursuant to the Offering Memorandum, dated 18-May-26 and the corresponding Pricing Supplement dated 06-Jul-26 (the “Pricing Supplement”).
• Target Market: MiFID II/UK MiFIR Eligible counterparties and professional clients only (all distribution channels). No sales to EEA or UK retail. No EU PRIIPs or UK CCI product summary will be prepared.
• Expected Listing: Global Exchange Market of Euronext Dublin
• Advertisement: The Offering Memorandum, as well as the Pricing Supplement, when published, will be available at https://live.euronext.com/en/product/bonds-detail/s142406%7C24105%7Cp385/overview
• Governing Law: New York Law
• Denom: £100k x £1k
• UoP: To purchase a relevant Funding Agreement from Massachusetts Mutual Life Insurance Company
• Active Bookrunners: Barc (B&D), BofA, DB, JPM
• ISIN: XS3435282994
• Timing: ToE 13h53 UKT | FTT 14h15 UKT