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.
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Amount: | C$550 million
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Maturity: | Nov. 18, 2021
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Securities: | Subordinated debentures
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Bookrunners: | RBC Capital Markets Corp., TD Securities Inc.
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Coupon: | 4.21%
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Price: | Par
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Yield: | 4.21%
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Spread: | 280 bps over Canadian bond curve
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Call feature: | Nov. 18, 2016
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Pricing date: | Nov. 15
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Settlement date: | Nov. 18
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Rating: | DBRS: A
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Distribution: | Canada
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