SEC Filings

Marsh McLennan Sells €1.2 Billion Of Euro Bonds, With Notes Due 2032 And 2036

The insurance broker issued two €600 million series with coupons of 4.250% and 4.625%, and plans to use the money for general corporate purposes.

Marsh McLennan, the insurance broker and consulting firm, issued €600 million of 4.250% senior notes due 2032 and €600 million of 4.625% senior notes due 2036 on Tuesday, according to an 8-K. The two series total €1.2 billion and were sold to a group of banks under an underwriting agreement dated October 20.

Pricing and spreads

The 2032 notes were priced to the public at 99.959% of principal, a yield to maturity of 4.263%, according to the final term sheet. They mature March 15, 2032, and priced 105 basis points over the benchmark German government bond (a basis point is one-hundredth of a percentage point).

The 2036 notes were priced at 99.243%, a yield of 4.722%, or 131 basis points over the benchmark German bond. They mature November 15, 2036.

Interest on the 2032 notes is paid annually on March 15, starting in 2027. The 2036 notes pay annually on November 15, starting November 15, 2026.

Where the money goes

Net proceeds before offering expenses and the underwriting discount come to 1,195,212,000, the term sheet says. The company said the money will go to general corporate purposes.

Merrill Lynch International, Deutsche Bank, Barclays and HSBC acted as representatives of the underwriters. The underwriting agreement sets the purchase price at 99.609% of principal for the 2032 notes and 98.793% for the 2036 notes.

The business behind the bonds

Marsh McLennan advises businesses, governments and individuals on risk, insurance, reinsurance, people and investments. Risk and Insurance Services, about 64% of 2025 revenue, brokers insurance and reinsurance. Consulting, about 36%, includes Mercer and Oliver Wyman. The company had more than 95,000 employees as of December 31, 2025.

The company intends to apply to list the notes on the New York Stock Exchange, though the term sheet says there is no assurance the listing will be granted.