MetLife closed a funding agreement-backed (FAB) deal on Tuesday — its first euro bond offering since January 2015. The deal was more than three times subscribed, showing that investors are eager to diversify their portfolios into euro insurance paper.
The US insurer sold a €1bn five year fixed rate deal at 38bp over mid-swaps.
MetLife was pleased to have not had to pay any premium to investors to enter the euro market at that level, according to a banker on the deal.
But the transaction offered value