Canada's Manulife raises $392 million from Singapore dollar Tier-2 bond

Tue, 26th May 2026 12:06

SINGAPORE, May 26 (Reuters) - Canada's Manulife Financial Corp ‌has raised S$500 million ($392 million) through a 10-year ⁠subordinated Tier-2 bond with a ⁠non-call period of five years at a launch yield of 2.88%, an updated term sheet showed on Tuesday.

Here are some details:

* The ‌final price guidance for the offering was set at 2.88%, tightening from initial price guidance of about 3.20%, according to the term sheet.

* The deal size was set at ‌S$500 million.

* Order books exceeded S$1.35 billion, including S$30 million of interest ‌from the joint lead managers, an updated note after the term sheet showed.

* The notes will be callable from June 4, 2031, subject to regulatory approval, ‌and are expected to receive an A- rating by S&P Global Ratings.

* Proceeds from the bond ⁠sale will ⁠be used for general corporate ‌purposes, including investments in subsidiaries and potential future redemptions of existing securities.

* DBS, HSBC, and Standard Chartered are ‌the joint lead managers and bookrunners.