Samsung Life launches $1.5 billion US dollar bond deal, term sheet shows

JPMorgan Chase & Co.

26/10/2026 17:13

By Yantoultra Ngui
HONG KONG, Oct 27 (Reuters) - Samsung Life Insurance 032830.KS has launched a $1.5 billion US dollar subordinated bond deal at a launch yield of 6.875%, according to a term sheet seen by Reuters on Tuesday.
The South Korean insurer is offering 30-year Tier 2 capital securities that it can first call, or redeem early, in five years on November 2, 2031
The bonds are expected to settle on November 2. They have a scheduled maturity of November 2, 2056, but may continue thereafter if Samsung Life does not redeem them
The bonds will pay a fixed interest rate twice a year until the first call date. The rate will then reset every five years at the prevailing five-year US Treasury yield plus an initial spread
From the 10th year, the rate will include an additional 100 basis points, or 1 percentage point
The bonds are expected to be rated A2 by Moody's and A+ by Fitch. Samsung Life is rated Aa3 by Moody's and AA by Fitch, with stable outlooks from both agencies
BofA Securities, BNP Paribas, Citigroup, JPMorgan and Mizuho are arranging the sale. Samsung Life will use the proceeds for general corporate purposes

 (Reporting by Yantoultra Ngui; Editing by Jan Harvey)
 ((Yantoultra.Ngui@thomsonreuters.com;))