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Manulife closes 1st green bond issuance

Manulife Financial Corp. has completed its offering in Singapore of S$500 million of 3.00% subordinated notes due Nov. 21, 2029, the company's first green bond issuance.

The notes have a first call date of Nov. 21, 2024.

Net proceeds from the offering are expected to be used to finance or refinance, in part or in full, new and existing eligible assets in line with Manulife's Green Bond Framework that include renewable energy, green buildings, sustainably-managed forests, energy efficiency, clean transport, sustainable water management and pollution prevention and control.

DBS Bank Ltd., The Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch, and Standard Chartered Bank were joint lead managers for the offering.

As of Nov. 20, US$1 was equivalent to S$1.36.