Manulife prices S$500 million subordinated notes due 2036

Manulife Financial Corporation (NYSE: MFC) announced it has priced an offering of S$500 million principal amount of 2.880% subordinated notes due June 4, 2036, in Singapore. The notes will qualify as Tier 2 capital for the company.

The notes will bear interest at a fixed rate of 2.880% until June 4, 2031, and thereafter at a rate of 0.931% over the five-year SORA OIS rate. The notes mature on June 4, 2036.

Manulife may redeem the notes in whole on June 4, 2031, and on any interest payment date thereafter at par, subject to approval from the Superintendent of Financial Institutions in Canada. The notes will constitute subordinated indebtedness, ranking equally with other subordinated debt of Manulife.

The Singapore Exchange Securities Trading Limited has granted approval in-principle for listing and quotation of the notes on its Official List. DBS Bank Ltd., The Hongkong and Shanghai Banking Corporation Limited Singapore Branch, and Standard Chartered Bank (Singapore) Limited serve as joint lead managers and bookrunners. Bank of China Limited Singapore Branch acts as co-manager.

The offering is expected to close on June 4, 2026. The notes will not be registered under the U.S. Securities Act of 1933 and will be offered solely to non-U.S. persons in offshore transactions. The notes will not be offered or sold in Canada.

Manulife Financial Corporation, headquartered in Toronto, provides financial services across Canada, Asia, and the United States through its Manulife and John Hancock brands.

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