By Cristal Cody
Prospect News, Nov. 15 - Manufacturers Life Insurance Co. priced C$550 million of 4.21% 10-year subordinated debentures (DBRS: A) at par on Tuesday, an informed bond source said.
The notes due Nov. 18, 2021 priced at a spread of 280 basis points over the Canadian bond curve.
The bonds priced in a fixed-to-floating structure that is a fixed rate for the first five years. If the notes are not called at par on Nov. 18, 2016, the issue will convert to a floating rate.
RBC Capital Markets Corp. and TD Securities Inc. were the lead managers.
Toronto-based Manufacturers Life Insurance is a unit of Manulife Financial Corp.
| Issuer: | Manufacturers Life Insurance Co.
|
| Amount: | C$550 million
|
| Maturity: | Nov. 18, 2021
|
| Securities: | Subordinated debentures
|
| Bookrunners: | RBC Capital Markets Corp., TD Securities Inc.
|
| Coupon: | 4.21%
|
| Price: | Par
|
| Yield: | 4.21%
|
| Spread: | 280 bps over Canadian bond curve
|
| Call feature: | Nov. 18, 2016
|
| Pricing date: | Nov. 15
|
| Settlement date: | Nov. 18
|
| Rating: | DBRS: A
|
| Distribution: | Canada
|
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