Constellation Institutional Markets enters funding agreement backed note market

NEW YORK, Oct. 22, 2025 /PRNewswire/ -- Constellation Institutional Markets, a Constellation business, has entered the funding agreement backed note (FABN) market with an inaugural $350 million issuance, marking a significant milestone in the Constellation's enterprise strategy to expand its institutional markets business and diversify its liability origination platform.

The notes were issued by Constellation Global Funding (the issuer), an unaffiliated Delaware statutory trust, and are secured by a funding agreement from AuguStar Life Insurance Company (ALIC), Constellation's flagship insurance carrier. This transaction underscores Constellation's commitment to building market-leading financial services businesses that leverage its scale, robust capital position, strong ratings and world-class institutional ownership.

"Expanding our institutional markets business is central to Constellation's growth journey," said Anurag Chandra, Constellation founder, chairman and chief executive officer. "The FABN program advances Constellation's institutional growth and strengthens the foundation of a diversified, liability-focused origination platform."

"Entry into the FABN market is a defining milestone for the Constellation Institutional Markets business and is a pivotal step in our long-term strategy," added Brij Grewal, president, Constellation Institutional Markets. "This unlocks a new frontier of opportunity and accelerates our momentum in the institutional markets segment."

The issuer priced a private offering of $350 million aggregate principal amount of 4.850% notes due October 22, 2030. Proceeds will be used to purchase a funding agreement from ALIC. The notes carry a rating of 'A' from Fitch, consistent with ALIC's financial strength rating.

About Constellation Institutional Markets
Constellation Institutional Markets originates and executes institutional business including funding agreement backed notes and pension risk transfer programs. Constellation Institutional Markets is a member of the Constellation family of businesses, which also includes AuguStar Retirement, AuguStar Life, AuguStar Seguros, Constellation Investments and Constellation Re. Constellation's investors and equal partners, La Caisse and Ontario Teachers', are two of North America's largest long-term institutional investors, managing more than CA$740 billion in net assets, including more than CA$150 billion in private capital investments (as of Dec. 31, 2024). More information is available at constellationinsurance.com.

Contact: Lisa Doxsee
513.794.6418 (o) 
[email protected]

SOURCE Constellation Institutional Markets