Manulife continues Singapore sub debt spree

Canadian financial group becomes the first foreign insurer to issuer Tier 2 debt in Singapore dollars, adding to last week's flurry of bank capital deals.
Singapore sub debt issuance in full flow
Singapore sub debt issuance in full flow

Canadian financial services company Manulife Financial became the first foreign insurance company to issue Tier 2 debt on Monday after it raised S$500 million $364 million from a 10-year non-call five-year transaction. 

The deal starts the new week with a bang and follows last week's a string of bank capital issues from National Australia Bank, Societe Generale and United Overseas Bank. According to RHB Securities issuers have raised a total of S$10.2 billion so far this year from Basel III-compliant bank capital transactions. 

Some investors had been urging restraint, worried that too much supply will hurt secondary prices. But the response to Manulife's...

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