Sun Life seals $500m sustainability bond offering, bolstering green and social assets

Sun Life seals $500m sustainability bond offering, bolstering green and social assets

Sun Life Financial, an international financial services titan offering asset management, wealth, insurance, and health solutions, has recently celebrated the successful completion of its public offering in Canada.

The offering raised a robust $500m through the issuance of the Series 2023-1 Subordinated Unsecured 5.50% Fixed/Floating Debentures, due in 2035. Sun Life was able to secure this considerable funding without resorting to United States securities registration, demonstrating a formidable command over its domestic market.

Primarily operating in insurance and wealth management, Sun Life provides essential services to a wide array of individual and institutional clients. Their market presence extends far beyond their Canadian roots, with operations in the United States, United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia, and Bermuda.

Proceeds from this sustainability bond offering are earmarked for the finance or refinance of new and existing green or social assets. The criteria for these assets are stipulated under Sun Life’s Sustainability Bond Framework, signalling the company’s robust commitment to environmental and social causes.

The offering was facilitated by a pricing supplement dated June 27, 2023. This came into play under the Company’s short form base shelf prospectus and its prospectus supplement, both dated March 24, 2023. The complete details of this complex transaction are available for review on the SEDAR website for Sun Life.

As of the end of Q1 2023, Sun Life reported total assets under management standing at an impressive $1.36trn. This recent sustainability bond offering signals a potent continuation of Sun Life’s financial and ethical growth strategy.

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