Great Eastern Holdings Limited (SG:G07) has released an update.
Great Eastern Life Assurance Company Limited has successfully priced S$500 million in subordinated notes due 2039, with the first option to call in 2034 as part of their S$2 billion Euro Medium Term Note Programme. The notes, managed and bookrun by Oversea-Chinese Banking Corporation Limited, will bear a 3.928% interest per annum until the first call date, after which the rate will be adjusted based on the prevailing benchmark rate plus a margin. These notes will rank equally without preference and are anticipated to be rated ‘A’ by Standard & Poor’s, contributing to GEL’s Tier 2 capital.
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