On June 27, 2023, Sun Life Financial Inc. announced a $500 million issuance of Series 2023-1 Subordinated Unsecured 5.50% Fixed/Floating Debentures, which closed on July 4, 2023. The debentures, maturing in 2035, carry a fixed 5.50% interest rate until 2030, transitioning to a floating rate based on CORRA plus 1.93%.

Proceeds of $497.6 million, net of fees, will fund projects under Sun Life’s Sustainability Bond Framework, including renewable energy, energy efficiency, and green buildings. The offering was co-led by TD Securities Inc., CIBC World Markets Inc., and Scotia Capital Inc., with additional underwriters BMO Nesbitt Burns Inc., HSBC Securities (Canada) Inc., Merrill Lynch Canada Inc., National Bank Financial Inc., and RBC Dominion Securities Inc.

Legal advisors included Torys LLP for Sun Life and McCarthy Tétrault LLP for the underwriters.