Canada's Manulife launches benchmark Singapore dollar Tier-2 bond at about 3.20% (updated)

Manulife Financial

26/05/2026 08:19

Updates with final deal size in headline, lead paragraph and second bullet point

By Yantoultra Ngui

SINGAPORE, May 26 (Reuters) - Canada's Manulife Financial Corp MFC.TO has raised S$500 million ($392 million) through a 10-year subordinated Tier-2 bond with a non-call period of five years at a launch yield of 2.88%, an updated term sheet showed on Tuesday.

Here are some details:

The final price guidance for the offering was set at 2.88%, tightening from initial price guidance of about 3.20%, according to the term sheet.

The deal size was set at S$500 million.

Order books exceeded S$1.35 billion, including S$30 million of interest from the joint lead managers, an updated note after the term sheet showed.

The notes will be callable from June 4, 2031, subject to regulatory approval, and are expected to receive an A- rating by S&P Global Ratings.

Proceeds from the bond sale will be used for general corporate purposes, including investments in subsidiaries and potential future redemptions of existing securities.

DBS DBSM.SI, HSBC HSBA.L, and Standard Chartered STAN.L are the joint lead managers and bookrunners.

($1 = 1.2771 Singapore dollars)

(Reporting by Yantoultra Ngui; Editing by Sherry Jacob-Phillips, Rashmi Aich and Gus Trompiz)

((Yantoultra.Ngui@thomsonreuters.com;))