Manulife Launches SGD 10-Year Tier-2 Bond at 3.20%
Manulife Launches SGD-Denominated Tier-2 Bond Offering
Canadian insurer Manulife Financial Corp (TSX:MFC) has launched a 10-year Singapore dollar-denominated subordinated Tier-2 bond, with initial price guidance set at approximately 3.20%, according to a term sheet released Tuesday.
Key Details
The exact deal size was not disclosed but is expected to be benchmark-sized. The notes will be callable from June 4, 2031, subject to regulatory approval, and are expected to receive an A- rating from S&P Global Ratings.
Use of Proceeds
Proceeds from the bond sale will be used for general corporate purposes, including investments in subsidiaries and potential future redemptions of existing securities.
Joint Lead Managers
DBS, HSBC, and Standard Chartered are acting as joint lead managers and bookrunners for the offering.
Impacted Symbols
Symbols affected by this headline and their sentiment signals
Manulife Financial Corporation
Manulife's Singapore dollar bond issuance may lower funding costs and strengthen its balance sheet. Investor interest is positive.
DBS
DBS is a joint lead manager for the bond issuance, but this contributes limitedly to the bank's overall revenues.
HSBC Holdings Plc
HSBC is a joint lead manager for the bond issuance, but this contributes limitedly to the bank's overall revenues.
Standard Chartered PLC
Standard Chartered is a joint lead manager for the bond issuance, but this contributes limitedly to the bank's overall revenues.
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