On February 20, 2024, Manulife Financial Corporation (MFC) launched an offering of $1.1 billion in 5.054% fixed/floating subordinated debentures, set to mature on February 23, 2034. The debentures will initially carry a fixed interest rate of 5.054% per annum, payable semi-annually until February 23, 2029. Thereafter, interest will be based on the Daily Compounded CORRA plus 1.44%, payable quarterly. The offering aims to support MFC's general corporate purposes, including investment in subsidiaries and potential future redemptions of existing securities. The net proceeds are approximately $1.096 billion, after accounting for fees and expenses.

The issuance was led by a syndicate of dealers including RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Manulife Wealth Inc., Merrill Lynch Canada Inc., UBS Securities Canada Inc., BNP Paribas (Canada) Securities Inc., Desjardins Securities Inc., Laurentian Bank Securities Inc., and Raymond James Ltd. Legal matters were handled by Torys LLP on behalf of MFC and McCarthy Tétrault LLP for the dealers. MFC retains the option to redeem the debentures, with regulatory approval, on or after February 23, 2029. The offering provides MFC with increased financial flexibility, with the debentures being unsecured obligations of the corporation.