HG bonds: Equitable Financial places 2026 FA-backed notes; terms

Equitable Financial Life Global Funding today completed a $450 million offering of 1% five-year, funding agreement-backed notes due Jan. 9, 2026, at T+60, or 1.027%.

Equitable Financial Life Global Funding tapped the bond market three times in 2020. Most recently, in November, it placed an $800 million, funding agreement, or FA-backed offering across $500 million of 0.50% three-year notes due Nov. 17, 2023, at T+32, and $300 million of 1.75% 10-year notes due Nov. 15, 2030, at T+90. In August 2020, the issuer printed $500 million of 1.40% seven-year, FA-backed notes due August 2027 at T+95. In June, it printed a debut $650 million offering of 1.40% FA-backed notes due July 7, 2025, at T+115.

Equitable Financial Life Global Funding is a newly organized special purpose statutory trust organized under Delaware state laws. The notes are secured by funding-agreement contract obligations issued by AXA Equitable Life Insurance Company.

Terms: