Linklaters advised the joint lead managers on the Great Eastern Life Assurance Company’s issuance of US$500m fixed rate perpetual capital securities, first callable in 2032. Great Eastern, a subsidiary of OCBC Bank, is a well-established market leader and trusted brand in Singapore and Malaysia.

The perpetual capital securities were issued pursuant to Great Eastern Life’s S$2bn EMTN Programme, which was established in 2024 together with Great Eastern Holdings.

The Linklaters capital markets team was led by partner Jonathan Horan with support from counsel Phill Hall and managing associates Adilya Taktashova and Cherrylene Lee.

Capital markets partner Jonathan Horan commented:

“We congratulate Great Eastern and the managers on this landmark transaction. This first AT1 capital issuance by a Singapore-based insurance company underscores the development of the region’s capital markets. We are proud to continue to be involved in such important market developments and innovations.”