Manulife resets rate on $2B LRCN Series 1
Manulife Financial Corporation has reset the interest rate on its $2 billion principal amount of 3.375% Limited Recourse Capital Notes Series 1 for the five-year period starting June 19, 2026.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
6-K
Rhea-AI Filing Summary
Manulife Financial Corporation has reset the interest rate on its $2 billion principal amount of 3.375% Limited Recourse Capital Notes Series 1 for the five-year period starting June 19, 2026. The new rate will be 5.88300% per annum until June 19, 2031.
The rate reflects the Government of Canada Yield on June 18, 2026 plus a 2.839% spread, with interest continuing to be paid semi-annually on June 19 and December 19, beginning December 19, 2026. The Notes mature June 19, 2081 and are backed by 2,000,000 Non-Cumulative Fixed Rate Reset Class 1 Shares Series 27 held in a Limited Recourse Trust. Manulife may redeem the Notes, subject to regulatory approval, during a window around June 19, 2031 and every five years thereafter.
Key Figures
LRCN principal amount: $2 billion
Previous coupon rate: 3.375%
Reset interest rate: 5.88300% per annum
+5 more
8 metrics
LRCN principal amount
$2 billion
Limited Recourse Capital Notes Series 1 principal
Previous coupon rate
3.375%
Original rate on Limited Recourse Capital Notes Series 1
Reset interest rate
5.88300% per annum
Applies June 19, 2026 to June 19, 2031
Credit spread over GoC yield
2.839%
Added to Government of Canada Yield as of June 18, 2026
Maturity date
June 19, 2081
Scheduled maturity of Limited Recourse Capital Notes Series 1
Series 27 shares issued
2,000,000 shares
Non-Cumulative Fixed Rate Reset Class 1 Shares Series 27 in Limited Recourse Trust
Employees
more than 37,000
Global headcount at end of 2025
Customers served
over 37 million
Customer count across 25 markets globally at end of 2025
Key Terms
Limited Recourse Capital Notes, Government of Canada Yield, Non-Cumulative Fixed Rate Reset Class 1 Shares Series 27, Limited Recourse Trust, +1 more
5 terms
Limited Recourse Capital Notes financial
"Manulife Financial Corporation announces interest rate reset on Limited Recourse Capital Notes Series 1"
Limited recourse capital notes are debt-like securities where repayment and investor claims are restricted to the cash flows or assets tied to a specific pool, project, or collateral; holders cannot pursue the issuer’s other assets if those designated sources fail. For investors this usually means higher potential yield but greater risk—think of lending money secured only by a single rental property’s rent rather than the borrower’s entire balance sheet, so returns depend on that asset’s performance.
Government of Canada Yield financial
"The interest rate was calculated as the sum of the Government of Canada Yield determined as at June 18, 2026, plus 2.839%."
The Government of Canada yield is the annual return investors receive from lending money to the Canadian federal government through its bonds and treasury notes; it’s shown as a percentage and moves as buyers and sellers trade those securities. Investors use it like a baseline interest rate—similar to a bank’s advertised savings rate—for valuing other investments, setting borrowing costs and gauging overall economic confidence, because government bonds are seen as very low-risk.
Limited Recourse Trust financial
"held by Computershare Trust Company of Canada, as trustee of Manulife LRCN Limited Recourse Trust."
prospectus supplement financial
"The Notes and the Series 27 Shares were issued under a prospectus supplement dated February 12, 2021."
A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did Manulife (MFC) announce about its Limited Recourse Capital Notes Series 1?
Manulife reset the interest rate on its $2 billion Limited Recourse Capital Notes Series 1. The new 5.88300% annual rate applies from June 19, 2026 to June 19, 2031 under existing indenture terms.
What is the new interest rate on Manulife (MFC) LRCN Series 1 and how was it set?
The new rate is 5.88300% per year for June 19, 2026 to June 19, 2031. It equals the Government of Canada Yield determined June 18, 2026 plus a fixed 2.839% spread, as defined in the trust indenture.
When do Manulife (MFC) LRCN Series 1 notes pay interest and when do they mature?
Interest is paid semi-annually in arrears on June 19 and December 19 each year. Under current terms, the Notes are scheduled to mature on June 19, 2081, making them very long-dated subordinated indebtedness.
Can Manulife (MFC) redeem its Limited Recourse Capital Notes Series 1 early?
Manulife may redeem the Notes in whole or part, with prior regulatory approval, from May 19 to June 19, 2031 and every five years after. Any redemption must coincide with redeeming an equal face amount of related Class 1 Shares Series 27.
How are Manulife (MFC) LRCN Series 1 noteholders protected through the Limited Recourse Trust?
If Manulife fails to pay interest or principal when due, noteholders’ recourse is limited to their share of the Limited Recourse Trust assets. These assets primarily consist of Non-Cumulative Fixed Rate Reset Class 1 Shares Series 27, except in limited circumstances.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Accepted by SEC EDGAR
Learn about SEC filing dates
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of June, 2026
Commission File Number: 1-14942
MANULIFE FINANCIAL CORPORATION
(Translation of registrant's name into English)
200 Bloor Street East
North Tower 10
Toronto, Ontario, Canada M4W 1E5
(416) 926-3000
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F | ¨ | Form 40-F | x | ||||||||
DOCUMENTS FILED AS PART OF THIS FORM 6-K
The following documents, filed as exhibits to this Form 6-K, are incorporated by reference as part of this Form 6-K:
| Exhibit | Description of Exhibit | ||||
99.1 | News release dated June 18, 2026 Manulife Financial Corporation announces interest rate reset on Limited Recourse Capital Notes Series 1 | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| MANULIFE FINANCIAL CORPORATION | ||||||||
By: | /s/ Scott MacIntosh | |||||||
Name: | Scott MacIntosh | |||||||
Title: | Assistant Corporate Secretary | |||||||
Date: June 18, 2026 | ||||||||
EXHIBIT 99.1
News Release
C$ unless otherwise stated TSX/NYSE/PSE: MFC SEHK: 945
For Immediate Release
June 18, 2026
For Immediate Release
June 18, 2026
Manulife Financial Corporation announces interest rate reset on Limited Recourse Capital Notes Series 1
TORONTO – Manulife Financial Corporation (“Manulife”) today announced the interest rate for its $2 billion principal amount of 3.375% Limited Recourse Capital Notes Series 1 (Subordinated Indebtedness) (the “Notes”) for the five-year period commencing June 19, 2026.
In accordance with the terms of the trust indenture dated February 19, 2021 (the “Indenture”), the interest rate on the Notes for the period from and including June 19, 2026, to but excluding June 19, 2031, will be 5.88300% per annum.
The interest rate was calculated as the sum of the Government of Canada Yield (as defined in the Indenture) determined as at June 18, 2026, plus 2.839%. Interest on the Notes will continue to be payable semi-annually in arrears on June 19 and December 19 of each year, with the first such payment occurring on December 19, 2026.
The Notes are scheduled to mature on June 19, 2081. In connection with the issuance of the Notes, Manulife issued 2,000,000 Non-Cumulative Fixed Rate Reset Class 1 Shares Series 27 (the “Series 27 Shares”) held by Computershare Trust Company of Canada, as trustee of Manulife LRCN Limited Recourse Trust (the “Limited Recourse Trust”). In case of non-payment of interest on or principal of the Notes when due, the recourse of each noteholder will be limited to that holder’s proportionate share of the Limited Recourse Trust’s assets, which will consist of Series 27 Shares except in limited circumstances. The Notes and the Series 27 Shares were issued under a prospectus supplement dated February 12, 2021.
Manulife may redeem the Notes, with the prior written approval of the Superintendent of Financial Institutions (Canada), in whole or in part, during the period from May 19 to and including June 19, 2031 and every five years thereafter, on not less than 15 nor more than 60 days’ prior notice, and only upon the redemption by Manulife of such number of Class 1 Shares Series 27 with an aggregate face amount equal to the aggregate principal amount of Notes redeemed, in accordance with the terms of such shares.
For more information, the prospectus supplement dated February 12, 2021 is available on Manulife’s SEDAR+ profile at www.sedarplus.ca.
About Manulife
Manulife Financial Corporation is a leading international financial services provider, headquartered in Toronto, Canada. Anchored in our ambition to be the number one choice for customers, we operate as Manulife across Canada and Asia, and primarily as John Hancock in the United States, providing
financial advice, insurance and health solutions for individuals, groups and businesses. Through Manulife Wealth & Asset Management, we offer global investment solutions, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2025, we had more than 37,000 employees, over 106,000 agents, and thousands of distribution partners, serving over 37 million customers with operations across 25 markets globally. We trade as ‘MFC’ on the Toronto, New York, and Philippine stock exchanges, and under ‘945’ on the Hong Kong stock exchange. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
Media Relations: Fiona McLean Manulife 437-441-7491 fiona_mclean@manulife.com | Investor Relations: Derek Theobalds Manulife 416-254-1774 derek_theobalds@manulife.com | ||||