Standard Life issues bonds in Canada

INSURER Standard Life yesterday announced that it has raised 400m Canadian dollars (£253m) in debt, its first issuance in the local currency.

Subject to regulatory approval the funds may be used to repay a similar-sized internal debt owed by the Canadian division to the Edinburgh-based parent company.

Holders will enjoy a return of 3.9 per cent for the first five years, followed by 2.1 per cent until they mature in September 2022.

Jackie Hunt, the group’s chief financial officer, said: “The strong order book and successful placement is a powerful signal of investors’ confidence in Standard Life Canada’s financial strength and strategic plans.”