Japan's biggest life insurance company, Nippon Life Insurance Company, will soon launch a 100 billion ($891 million) deal backed by Kikin obligations - a form of subordinated debt unique to Japanese life insurers, which is issued mainly to affiliated domestic banks.

Daiwa Securities is arranging the deal, issued out of the Nissay 2005 Fund SPC, with Nomura Securities as joint lead underwriter. The transaction comprises two fixed-rated tranches: 50 billion of four-year notes and 50 billion of six-year paper. Moody's Investor's Service rates both pieces A3'.

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