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Manulife Financial Prices SG$500 Million of Subordinated Notes Due 2034
Manulife Financial (PSE:MFC) priced an offering in Singapore of SG$500 million of subordinated notes due June 19, 2034. The notes will bear interest at a fixed rate of 4.275% until June 19, 2029, acco
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Traders believe that the Fed will cut interest rates in September.
After the latest inflation data fell short of expectations, traders significantly increased their expectations for the pace of rate cuts by the Federal Reserve this year. The bond market believes that interest rate cuts may occur as early as September. This change triggered a significant increase in the bond market, with the yield on two-year US Treasury bonds falling 17 basis points to 4.67%, the largest drop since the Fed policy meeting on December 13th. The conclusion of the June meeting of the Federal Reserve, including revisions to interest rate predictions, will also be released on Wednesday. The pricing of overnight index swaps, which reflects predictions about the decisions of the US central bank, fully takes into account rate cuts in November and December, and raises the possibility of rate cuts in September.
Manulife Financial's Subordinated Debenture Due 2034 Assigned "A-" Rating by SP
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US inflation data cools down, making another interest rate cut by the Federal Reserve in September possible.
After data showed unexpected slowing in US inflation in May, traders have raised their expectations for a rate cut by the Federal Reserve later this year, and the bond market expects an increased likelihood of a rate cut in September at the earliest. US bonds rose after data was released on Wednesday, with two-year yields falling by as much as 15 basis points to 4.68%, marking the biggest decline since early May. Swap contracts were repriced to fully digest the scenario of rate cuts in November and December and increased the probability of a rate cut in September to 76%. From the yield curve perspective, yields for various maturities of US bonds fell by at least 7 basis points, and the benchmark 10-year yield fell by about 11 basis points to 4.30%.
Manulife Financial -S (00945.HK) will issue SGD 500 million of 4.275% perpetual callable bonds due in 2034.
Manulife Financial-S (00945.HK) announced today that it has priced the post-repayment notes (referred to as "Notes") with a total principal amount of SGD 500 million and an interest rate of 4.275%, which will be due on June 19, 2034, publicly issued in Singapore. The proceeds will be counted as Manulife's Tier 2 capital in accordance with the offering circular dated June 11, 2024. The fixed rate of the batch of notes until June 19, 2029 is 4.275%, and the subsequent rate is the five-year period "Singapore Overnight Average Rate Overnight Index Swap Rate" ("SORA OIS") that was effective at that time.
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