Manulife Taps Asia Debt Market for 1st Time With Singapore Sale
- Canadian insurer issues S$500 million of subordinated debt
- Operations in city-state among company’s fastest growing
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Manulife Financial Corp. is tapping the Asian capital markets for the first time as it seeks to broaden its funding sources and investor base.
Canada’s largest life insurer issued S$500 million ($365 million) of subordinated debt in Singapore with a 3.85 percent coupon due in 2026, the company said in a statement. The notes have a fixed rate until May 25, 2021, when they will convert to rate of 1.97 percent over the prevailing five-year Singapore dollar swap rate. The notes are callable after May 25, 2021.