Manulife Financial Corporation prices S$500 million subordinated notes at 4.275% 

MANULIFE Financial Corporation priced S$500 million worth of subordinated notes, which are expected to qualify as Tier 2 capital of Manulife, said the company on Wednesday (Jun 12).

The notes will bear an annual coupon rate of 4.275 per cent up until Jun 19, 2029.

If the notes are not redeemed by then, they will carry interest at a rate of 1.201 per cent over the then-prevailing five-year Singapore Overnight Rate Average Overnight Index Swap rate.

The notes are due to mature on Jun 19, 2034.

DBS and Standard Chartered (Singapore) have been appointed as joint lead managers and bookrunners for the issue.

Meanwhile, Australia and New Zealand Banking Group and the Singapore branch of HSBC have been appointed as co-managers for the offering.

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The offering is slated to close on Jun 19, 2024.