Great Eastern Life prices US$500m perpetual capital securities due 2032

The securities will be issued at a fixed rate of 5.398%.

Great Eastern Life has priced US$500m perpetual capital securities at a fixed rate of 5.398% per annum, first callable in 2032.

The Series 002 Securities are issued under the $20b Euro Medium Term Note Programme the company launched with Great Eastern Holdings.

OCBC, Citi, HSBC, Standard Chartered, and UBS AG are the joint lead managers for this issuance.

The securities will be issued at an issue price of 100% of their principal amount and holders will receive distributions in arrears on each payment date from, and including, the issue date to, but excluding, the first reset date on 22 January 2032.

If the securities are not redeemed on the first reset date, the distribution rate will be reset on the first reset date and every five years thereafter to a fixed rate of 0.696% per annum.

The interest rate is based on the aggregate of the then-prevailing five-year U.S. Treasury Rate and the initial spread.

Set to be issued on or about 22 January, the securities are direct, unsecured, and subordinated, ranking equally and without any preference amongst themselves.

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