Mutual of Omaha issued its first $400 million 3-year funding agreement-backed notes (FABN) on July 19, 2023. The notes carry ratings of A1 from Moody's (Stable outlook) and A+ (Stable outlook) from S&P, which are in-line with the company's insurance financial strength ratings. The offering attracted over $1 billion of interest from institutional investors. This is a great outcome for the inaugural transaction and establishes a broad following for the future.