New York Life is pleased to announce the pricing of its first-ever funding agreement-backed Medium-Term Note (MTN) offering in partnership with a consortium of diverse-owned banks. This $600 million, 3-year innovative transaction marks a significant milestone for New York Life as the company continues to drive inclusion and equity in its financial offerings.

The MTN offering leverages the expertise of several minority, veteran and women-owned banking institutions, highlighting New York Life’s dedication in partnering with institutions that reflect the diversity of the communities it serves.

“We are proud to take this important step for New York Life with our first funding agreement-backed Medium-Term Note offering supported primarily by diverse-owned financial institutions,” said David Cruz, Senior Vice President, New York Life. “This collaboration strengthens our commitment to fostering inclusion in capital markets while delivering compelling investment opportunities for our clients.”

A Partnership that Paves the Way for Inclusive Growth

While this syndicate structure has been used once previously in the sector, this is the first time New York Life has structured an offering that utilizes primarily diverse-owned banks as joint-bookrunners. The lead banks on the transaction include Academy Securities, Inc., Loop Capital Markets LLC, Morgan Stanley & Co. LLC, R. Seelaus & Co., LLC, and Siebert Williams Shank & Co., LLC.

“This is an important moment for New York Life as it builds on our prior efforts to promote inclusion and equity in capital markets,” said Andrew Cohen, Vice President, New York Life. “By working with these institutions, we are creating new pathways for growth and delivering strong, reliable investment solutions that serve the long-term needs of our clients and communities.”

About the Medium-Term Note Offering

The funding agreement-backed MTN offering exemplifies New York Life’s leadership in creating inclusive growth through the collaboration with diverse financial institutions. The transaction is part of a broader strategy to provide clients with high-quality, capital-preserving investment solutions while fostering innovation and inclusion in financial markets. For additional information please click here.

About New York Life

New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States¹ and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments, and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies².

¹ Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/4/2024. For methodology, please see https://fortune.com/franchise-list-page/fortune-500-methodology-2024/

² Individual independent rating agency commentary as of 11/17/2023: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).

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