The notes are scheduled for issuance on September 11, 2026, and will maintain their fixed interest rate for the first decade. Starting September 11, 2036, the rate will adjust to the CMT Rate plus a spread of 1.350%. Manulife holds the option to redeem the notes on or after September 11, 2031, contingent upon receiving prior written approval from the Superintendent of Financial Institutions in Canada.
In section Releases
Manulife Prices $750 Million Subordinated Note Offering
Manulife Financial Corporation has priced a $750 million offering of subordinated notes due in 2041, setting a fixed annual interest rate of 6.146%. The Toronto-based insurer intends to use the net proceeds from the sale to bolster its Tier 2 regulatory capital and address general corporate requirements.
BofA Securities, Citigroup Global Markets, J.P. Morgan Securities, and Morgan Stanley & Co. are acting as joint book-running managers for the transaction. The offering, registered with the SEC, explicitly excludes sales within Canada or to Canadian residents. Manulife, which operates as John Hancock in the United States, manages global financial services for over 37 million customers.
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