Allstate selling $1 billion in debt

Allstate Corp., the largest publicly traded U.S. home and auto insurer, plans to sell $1 billion of 5- and 10-year senior unsecured debt as soon as today, according to a person familiar with the offering.

The 10-year notes may price to yield about 437.5 basis points more than similar-maturity Treasuries, and the 5-year debt may pay a spread of about 10 basis points less than the 10- year notes, said the person, who declined to be identified because terms aren't set. A basis point is 0.01 percentage point.

The debt is rated A3, the fourth-lowest level of investment quality by Moody's Investors Service and an equivalent A- by Standard & Poor's, the person said. Barclays Plc, Goldman Sachs Group Inc. and JPMorgan Chase & Co. are underwriting the Northbrook-based company's sale.