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
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.