Manulife Financial Corporation (Manulife) has announced the pricing for its public offering in Singapore of SGD 500 million in subordinated notes. The notes carry a coupon rate of 2.880% and are scheduled to mature on June 4, 2036. The issuance will be conducted in accordance with the prospectus dated May 26, 2026, with the proceeds designated to augment Manulife's Tier 2 capital.
These notes will bear a fixed interest rate of 2.880% until June 4, 2031. Subsequently, the interest rate will adjust to the prevailing five-year Singapore Overnight Rate Average Overnight Indexed Swap (SORA OIS) rate plus a spread of 0.931%. The final maturity date for the notes is June 4, 2036.
Subject to prior approval from the Office of the Superintendent of Financial Institutions in Canada, Manulife retains the option to redeem the notes in full, but not in part, on June 4, 2031, or on any interest payment date thereafter. Any such redemption would be at par value, plus accrued and unpaid interest up to, but excluding, the specified redemption date.
The notes will constitute subordinated debt and will rank equally and rateably with all other outstanding subordinated debt obligations of Manulife, except for any obligations that are expressly subordinated by their terms.
The notes have received in-principle approval from the Singapore Exchange Securities Trading Limited (SGX-ST) for their listing and quotation on the SGX-ST Official List. SGX-ST assumes no responsibility for the accuracy of any statements, opinions, or reports contained in this announcement. The listing of the notes on the SGX-ST Official List and their quotation on SGX-ST should not be interpreted as an endorsement of Manulife, its subsidiaries, affiliates, or the notes themselves.
DBS Bank Ltd., The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch, and Standard Chartered Bank (Singapore) Limited have been appointed as joint lead managers and bookrunners for this offering. Bank of China Limited, Singapore Branch has been appointed as a co-manager. The closing date for the offering is expected to be June 4, 2026.
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