Banking

Great Eastern Life to redeem S$400m in 4.6% subordinated notes early

Wed, Jan 06, 2021 – 9:15 AM

GREAT Eastern Holdings on Wednesday said that Great Eastern Life Assurance Company will be redeeming early all S$400 million of 4.6 per cent subordinated notes due 2026 but callable in 2021.

Great Eastern Life will redeem the notes at par with interest accrued on Jan 19, 2021, the insurer said in a bourse filing. Approval for the redemption of the notes has been obtained from the Monetary Authority of Singapore.

The S$400 million notes were the first tranche of Great Eastern Holdings’ and Great Eastern Life’s S$1 billion multi-currency medium-term note programme.

Great Eastern Life priced the notes in January 2011. The oversubscribed offering, targeted at Asian-based institutional and sophisticated investors, received S$1.2 billion of orders.

If not redeemed or purchased and cancelled on Jan 19, 2021, the interest rate from that date will be reset at a fixed rate per annum equal to the aggregate of the then prevailing five-year Singapore dollar swap offer rate and 1.35 per cent, payable semi-annually in arrear.

Shares of Great Eastern Holdings were trading 1.2 per cent or S$0.23 lower at S$19.81 as at 9.08am on Wednesday.


Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button