On March 7, 2023, Manulife Financial Corporation announced a $1.2 billion offering of 5.409% fixed/floating subordinated debentures, closing on March 10, 2023. The debentures, maturing in 2033, carry a fixed interest rate until 2028, transitioning to Daily Compounded CORRA plus 1.85%.

Net proceeds of $1.195 billion will fund general corporate purposes, including investments in subsidiaries. Underwriters included RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., Manulife Securities Incorporated, Merrill Lynch Canada Inc., HSBC Securities (Canada) Inc., BNP Paribas (Canada) Securities Inc., Desjardins Securities Inc., Laurentian Bank Securities Inc., and Raymond James Ltd.

Torys LLP advised Manulife, while McCarthy Tétrault LLP represented the dealers. The debentures received provisional ratings of "A" (DBRS Morningstar) and "A-" (S&P).