New York Life Global Funding weighs Canadian-dollar debt offering
Updated
Updated · Bloomberg · Apr 30
New York Life Global Funding weighs Canadian-dollar debt offering
2 articles · Updated · Bloomberg · Apr 30
The potential sale could come as soon as Thursday, with a seven-year maturity and initial pricing discussed in the low- to mid-80 basis points above government debt.
People familiar with the matter said the insurer's funding arm is considering the Canadian market for the proposed bond issue.
The deliberations indicate New York Life Global Funding may seek fresh borrowing in Canadian dollars, though terms and timing could still change.
With credit spreads historically tight, why is New York Life's funding arm issuing Canadian dollar debt now?
Is the yield on this new bond enough to justify its complex, unguaranteed structure for Canadian investors?