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New York Life Global Funding is weighing a Canadian-dollar debt offering as soon as Thursday, according to people familiar with the matter, who asked not to be identified as they aren’t authorized to speak publicly.
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The deal would likely mature in seven years, and initial pricing is discussed in the low – to mid – 80s basis points range above government debt, said the people.
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The deal would follow two maple offerings last week totalling $1.5 billion. Foreign companies have been enjoying favourable credit spreads and currency hedging swap spreads by raising Canadian-dollar debt, and investors have welcomed the diversification.
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New York Life in June sold a $1 billion bond with a four per cent coupon in a deal that drew 49 buyers who put in orders more than twice the size of the bond.
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