On May 13, 2024, Sun Life Financial Inc. announced the issuance of CAD 750 million in Series 2024-1 Subordinated Unsecured Fixed/Floating Debentures, which closed on May 15, 2024. The debentures, maturing on May 15, 2036, carried a 5.12% fixed interest rate until May 15, 2031, transitioning to a floating rate based on Daily Compounded CORRA plus 1.46%.

The offering, priced at CAD 1,000 per debenture, was facilitated by agents RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., and Scotia Capital Inc. as joint bookrunners, with CIBC World Markets Inc., TD Securities Inc., Merrill Lynch Canada Inc., and National Bank Financial Inc. as co-managers. Torys LLP acted as counsel to Sun Life, and McCarthy Tétrault LLP advised the agents.

Net proceeds of approximately CAD 747.2 million, after fees and expenses, were allocated to eligible assets under Sun Life’s Sustainability Bond Framework to support green and social projects. The debentures were rated “A” by DBRS Limited and S&P Global Ratings.