Manulife completes first issuance of a green bond by a life insurer
On November 21, 2017, Manulife Financial Corporation ("Manulife") announced that it completed its previously announced offering in Singapore of 500 million Singapore dollars principal amount of 3.00% subordinated notes due November 21, 2029 and having a first call date of November 21, 2024. DBS Bank Ltd., The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch and Standard Chartered Bank were joint lead managers for the offering.
The notes are Manulife's first green bond issuance, with an amount equal to the net proceeds intended to be used to finance or re-finance, in part or in full, new and/or existing eligible assets consistent with Manulife's recently released Green Bond Framework. The Framework is aligned with the International Capital Market Association's 2017 Green Bond Principles, and directs the use of proceeds towards renewable energy, green buildings, sustainably-managed forests, energy efficiency, clean transport, sustainable water management and/or pollution prevention and control.
The notes are the first green bond issuance by a life insurance company and by a Canadian issuer certified as Climate Bonds by the Climate Bonds Initiative, an investor-focused not-for-profit organization, promoting large-scale investment in the low-carbon economy.
Manulife is a leading international financial services group providing forward-thinking solutions to help people with their big financial decisions.
Further information can be found on Canada Newswire's website.