Manulife Completes $750 Million U.S. Subordinated Note Offering
TORONTO, September 1, 2026 — Manulife Financial Corporation (NYSE: MFC) has completed the pricing of a significant U.S. public offering of subordinated notes, marking a major financial move for the company. The offering involved the sale of U.S.$750 million worth of 6.146% subordinated notes due in 2041.
The notes, which are expected to be issued on September 11, 2026, will provide Manulife with a new source of capital that qualifies as Tier 2 regulatory capital. This move is crucial for the company's ongoing financial strategy and capital management.
According to the terms, the subordinated notes will bear a fixed annual interest rate of 6.146% from the issue date until September 11, 2036. Post that date, the interest rate will adjust to the CMT Rate, determined on the third business day preceding the reset date, plus a spread of 1.350%. Manulife retains the option to redeem these notes, with specific conditions attached.
"The capital raised from this offering will be used for general corporate purposes, including potential refinancing," stated Manulife's spokesperson. "This is a strategic step to strengthen our financial position and support future growth."
The issuance was managed by BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Morgan Stanley & Co. LLC, acting as joint book-running managers. The offering follows the filing of a preliminary prospectus supplement with the Securities and Exchange Commission (SEC), effective on September 29, 2025.
Manulife Financial Corporation, headquartered in Toronto, Canada, is a leading international financial services provider. The company, operating under the brand of Manulife across Canada and Asia, and primarily as John Hancock in the United States, offers a range of financial products and services, including insurance and health solutions, as well as investment solutions through Manulife Wealth & Asset Management.
The proceeds from this offering are expected to support the company's broader financial and operational goals, contributing to its ambition to remain a top choice for customers worldwide.