Commentary & Deal Flow

Reoffer: 7yr: SARON MS+85 / 100 / 1.3775%
Benchmark: 7yr: Govt + 108.7bp

Launched: 7yr: CHF 225m @ SARON MS+85bp
Size Update: Min CHF 215m
Spread set at: 7yr: SARON MS+85bp
Guidance: 7yr: SARON MS+80/85bp

• Issuer: MassMutual Global Funding II (Ticker: MASSMU)
• Funding Agreement Provider: Massachusetts Mutual Life Insurance Company
• Issuer Domicile: United States of America
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Notes
• Ranking: Senior Notes secured by a Funding Agreement
• Issuer Rating: Aa3/AA+/AA+ (Moody's/S&P/Fitch)
• Instrument Rating (exp): Aa3/AA+/AA+ (Moody's/S&P/Fitch)
• Issue Size: CHF 225m
• Coupon: 1.3775% p.a. (30/360, following unadj.)
• Maturity: 7 years (01-Sep-26 to 01-Sep-33)
• Spread/Yield: SARON MS +85.0 / YTM 1.3775% / Govt + 108.7
• Issue Price: 100
• ISIN / Valor: CH1600409556 / 160.040.955
• Lead Manager(s): Deutsche Bank, BNP Paribas
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Off the Issuer’s Global Debt Issuance Program, dated 18-May-26 and its Supplement
• FinSA Prospectus: Delayed prospectus approval in accordance with Article 51(2) FinSA
• Governing Law: Laws of the State of New York for the Notes / Laws of the State of Delaware for the Funding Agreement
• Covenants: Pari Passu with the claims of policyholders of the Funding Agreement Provider (as per the Global Debt Issuance Program)
• SIX Listing: 31-Aug-26
• Denomination: CHF 5,000 and multiples thereof
• Selling Restrictions: United States and US persons, United Kingdom, EEA, Japan, the Republic of France, the Netherlands, Ireland, the Federal Republic of Germany, the Republic of Italy, the Cayman Islands, Singapore and Hong Kong, in each case as further described in the Offering Memorandum
• Target Market: Manufacturer target market (MiFID II/UK MIFIR product governance) is eligible counterparties and professional clients (all channels for distribution channels), subject to applicable selling restrictions. Public Offering in Switzerland only.