Singapore debt offering part of Manulife Financial’s diversification bid

, Income

Manulife Financial, which has extensive operations in Asia, became one of the very few Canadian companies to have sold bonds denominated in Singapore dollars.

The second leg of a global funding diversification strategy put in place by Manulife Financial earlier this year played out on Monday when the insurer priced a 500 million subordinated debt offering in Singapore dollars.

The first step was taken last March when Manulife raised US$1.75 billion via a two-part offering of senior notes with US$1 billion having a term of 10 years and US$750 million having a term of 30 years. Manulife hadn’t been a borrower in that market since September 2010.

On its first offering in Singapore, Manulife Financial, which has extensive operations in Asia, became one of the very few Canadian companies to have sold bonds denominated in S$. At the current exchange (one S$ equals C$0.94) Manulife raised about $470 million of what is nominally 10-year money.

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