Manulife Financial Corporation announced on February 20, 2024, and closed on February 23, 2024, a $1.1 billion issuance of 5.054% fixed/floating subordinated debentures due February 23, 2034. The debentures pay a fixed 5.054% interest semi-annually until February 23, 2029, then transition to a floating rate (Daily Compounded CORRA +1.44%), payable quarterly.

Net proceeds of $1.095 billion will be used for general corporate purposes, including subsidiary investments and potential redemptions.

The offering was conducted by RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Manulife Wealth Inc., Merrill Lynch Canada Inc., UBS Securities Canada Inc., BNP Paribas (Canada) Securities Inc., Desjardins Securities Inc., Laurentian Bank Securities Inc., and Raymond James Ltd.

Torys LLP advised Manulife, while McCarthy Tétrault LLP acted for the dealers.

The debentures are rated A (Stable) by DBRS and A- by S&P. Redeemable at par from February 23, 2029, with regulatory approval.