LONDON - Metropolitan Life Global Funding I ("MET") is expected to enter a pre-stabilization period starting today, as announced by Deutsche Bank AG (NYSE:DB), London, the stabilization coordinator. This pre-stabilization notice pertains to MetLife (NYSE:MET)’s forthcoming Euro-denominated short 8-year notes, backed by MetLife Funding Agreement (FA) obligations, with an ISIN code of XS2970154436.
The stabilization period, which is anticipated to begin on January 7, 2025, will be managed by a syndicate including Barclays (LON:BARC), BNP Paribas (OTC:BNPQY) (BNPP), Crédit Agricole CIB (CACIB), and Deutsche Bank (ETR:DBKGn) (DB). It is expected to last no longer than February 18, 2025. The initial price thoughts (IPTs) for the offer price have been set at mid-swaps plus 115/120 basis points, though the aggregate nominal amount remains to be confirmed (TBC).
Stabilization activities aim to support the market price of the securities post-issuance and may include over-allotment of securities, which is permissible within the bounds of applicable law. However, there is no guarantee that stabilization will occur, and if initiated, it can be discontinued at any time.
The announcement clarifies that this information is for professional investors in the UK with relevant investment experience or those who are high net worth individuals, as defined by the Financial Services and Markets Act 2000. In the European Economic Area (EEA) and the UK, the offer is directed at qualified investors and those to whom it may lawfully be communicated.
The securities referenced in this pre-stabilization notice have not been and will not be registered under the United States Securities Act of 1933 and, therefore, may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This announcement is not an offer of securities for sale in the United States.
This information is based on a press release statement and is intended to provide investors with key details regarding the pre-stabilization period and the expected issuance of the MetLife securities. It does not constitute an offer or invitation to underwrite, subscribe, acquire, or dispose of any securities.
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