Manulife Financial Corporation announced that it has priced an offering in Singapore of SGD 500 million principal amount of 2.880% subordinated notes due June 4, 2036. The offering will be made pursuant to an offering circular dated May 26, 2026 and will qualify as Tier 2 capital for Manulife. 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 then-prevailing five-year SORA OIS rate.
The Notes mature on June 4, 2036. Manulife may, with the prior approval of the Superintendent of Financial Institutions (Canada), redeem the Notes in whole, but not in part, on June 4, 2031 and on any interest payment date thereafter at a redemption price equal to par, together with accrued and unpaid interest to, but excluding, the date fixed for redemption. The Notes will constitute subordinated indebtedness, ranking equally and rateably with all other subordinated indebtedness of Manulife from time to time issued and outstanding (other than subordinated indebtedness which has been further subordinated in accordance with its terms).
Approval in-principle has been received from the Singapore Exchange Securities Trading Limited for the listing and quotation of the Notes on the Official List of the SGX-ST. 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 the offering. Bank of China Limited, Singapore Branch has been appointed as co-manager for the offering.
The offering is expected to close on June 4, 2026. The Notes have not been and will not be registered in the United States under the United States Securities Act of 1933, as amended, or the securities laws of any state of the United States or other jurisdiction and may not be offered or sold within the United States, or to, or for the account or benefit of, "U.S. persons" except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state or local securities law. The offering will be made solely to non-U.S. persons in offshore transactions pursuant to Regulation S under the Securities Act.
The Notes will not be offered or sold, directly or indirectly, in Canada or to any resident of Canada.
