Manulife Financial Corporation has announced that they will be issuing S$500 million in 4.275% subordinated notes due in 2034. This offering will take place in Singapore and will qualify as Tier 2 capital for Manulife. The notes will have a fixed interest rate of 4.275% until June 19, 2029, and then will be adjusted to 1.201% over the prevailing five-year SORA OIS rate. They are set to mature on June 19, 2034.
The Superintendent of Financial Institutions (Canada) has granted approval for Manulife to redeem the notes in full, but not in part, on June 19, 2029, and any interest payment date after that. The redemption price will be equal to par, along with any accrued and unpaid interest up to the redemption date. These notes will be considered subordinated indebtedness, ranking equally with other subordinated indebtedness issued by Manulife.
The Singapore Exchange Securities Trading Limited (SGX-ST) has given approval in-principle for the listing and quotation of the notes on the Official List of the SGX-ST. However, they have stated that they do not take responsibility for the accuracy of the statements made in this press release. The offering is expected to be managed by DBS Bank Ltd., Standard Chartered Bank (Singapore) Limited, Australia and New Zealand Banking Group Limited, and The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch, with a closing date set for June 19, 2024.
It is important to note that these notes have not been registered in the United States under the Securities Act of 1933 and may not be offered or sold within the US. The offering will only be made to non-U.S. persons in offshore transactions. Additionally, the notes will not be offered or sold in Canada or to any Canadian residents.
Manulife Financial Corporation is a prominent international financial services provider headquartered in Toronto, Canada. They offer financial advice and insurance under the name Manulife in Canada, Asia, and Europe, and as John Hancock in the US. Through Manulife Investment Management, they serve individuals, institutions, and retirement plan members worldwide. As of the end of 2023, they had over 38,000 employees, 98,000 agents, and served more than 35 million customers.
For more information about Manulife Financial Corporation and their offerings, visit their website at manulife.com.