Manulife prices S$500m notes due 2034

The notes have a fixed 4.275% interest rate.

Manulife Financial announced the pricing of a $370.6m (S$500m) offering of 4.275% subordinated notes due 19 June 2034.

The offering, detailed in an 11 June circular, qualifies as Tier 2 capital.

The notes bear a fixed 4.275% interest rate until June 19, 2029, after which they will bear interest at 1.201% above the prevailing five-year SORA OIS rate.

Manulife can redeem the notes at par on June 19, 2029, or on any subsequent interest payment date with approval from the Superintendent of Financial Institutions (Canada).

Approval in principle for listing and quotation on the Singapore Exchange Securities Trading Limited (SGX-ST) has been received, though SGX-ST does not endorse the merits of Manulife or the notes.

DBS Bank and Standard Chartered Bank (Singapore) are the joint lead managers and bookrunners, with Australia and New Zealand Banking Group and HSBC Singapore, serving as co-managers.

($1.00 = S$1.35)

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