Loan & DebtJun 18, 2026, 04:27 PM
Manulife Resets $2B Capital Notes Interest to 5.883%
AI Summary
Manulife Financial Corporation announced the interest rate reset for its $2 billion principal amount of 3.375% Limited Recourse Capital Notes Series 1. For the five-year period commencing June 19, 2026, the new annual interest rate will be 5.88300%. This rate was determined by adding 2.839% to the Government of Canada Yield as of June 18, 2026. Interest payments will continue semi-annually, with the first payment at the new rate due on December 19, 2026. The notes are scheduled to mature on June 19, 2081, and are redeemable by Manulife under specific conditions with regulatory approval.
Key Highlights
- Interest rate for $2 billion Limited Recourse Capital Notes Series 1 reset.
- New annual interest rate is 5.88300% for the five-year period from June 19, 2026.
- The previous interest rate on the notes was 3.375%.
- Rate calculated as Government of Canada Yield plus 2.839%.
- Interest will continue to be payable semi-annually on June 19 and December 19.
- The Notes are scheduled to mature on June 19, 2081.
Price Impact
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