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MetLife Inc. is giving a boost to the new dollar funding benchmark that’s been designed to replace LIBOR, with the U.S. insurer selling a $1 billion bond tied to the secured overnight financing rate (SOFR).

A debt-issuing unit of the company sold two-year floating-rate notes linked to SOFR, according to a person familiar with the matter, who asked not to be identified because they’re not authorized to speak about it. It is the first such transaction of benchmark size from a company that isn’t either a top-rated sovereign, supranational, or agency issuer.

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