Great Eastern Issues S$400 million of 4.6-per cent, 15-year Notes

The Great Eastern Life Assurance Company Limited, a subsidiary of

Great Eastern Holdings Limited, announced that it has successfully

priced its maiden issue of S$400 million subordinated fixed rate

notes (Series 001 Notes), targeted at Asian-based institutional and

retail investors.

The Series 001 Notes, assigned an ‘A+’ rating by S&P Ratings, have

a 15-year term, but the company has the option to call the Notes at

the end of 10 years. The Series 001 Notes are expected to be issued

on or sometime around 19 January 2011 and will initially bear

interest at the rate of 4.6 per cent per annum, payable half yearly.

Fang Ai Lian, Chairman of Great Eastern Holdings, said: “This is a

great start to the new year for us. We are delighted that our Series

001 Notes have received overwhelming response. We had targeted

to issue S$400 million, but received orders for S$1.2 billion, reflecting

three times over-subscription.”

Oversea-Chinese Banking Corporation Limited and Morgan Stanley

Asia (Singapore) Pte Ltd are the joint lead managers for the Series.