KEPSP 2.900% Perpetual Corp (SGD)

Bond Factsheet

Matured/ Called

Keppel Limited

Indicative

Full Lot

Bid Price

99.826

Change in Bid Price

remove 0.061

Bid Yield (%)

Change in Bid Yield

Ask Price

100.046

Change in Ask Price

remove 0.032

Ask Yield (%)

Change in Ask Yield

Indicative price as of 16 Sep 2026, 12:00am

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Bond Information

Keppel Limited is an asset manager and operator. The Company focuses on sustainability solutions spanning the areas of energy and environment, urban development, and digital connectivity, as well as provides critical infrastructure and services through its investment platforms and asset portfolios. Keppel serves clients worldwide.

Bond Issuer

Keppel Limited

Guarantor

Announcement Date

07 Sep 2021

Issue Date

16 Sep 2021

Maturity Date

Perpetual

Years to Maturity / Next Call

Perpetual / 0.453

Modified Duration

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

2.900

Coupon Type

Variable

Annual Coupon Rate

2.900

Coupon Frequency

Semi Annually

Seniority

Subordinated

Reference Rate

Reset Date: 16 Sep 2026 and every 5 years thereafter
Reset Rate: Prevailing SGD 5-year SORA OIS plus the Initial Spread (2.097%) and the Step-up Margin (100 bps from Year 5)

ISIN

SGXF23112406

CUSIP

BR3356804

Bond Currency

SGD

Total Issue Size

400,000,000

Min. Investment Quantity (Nominal)

SGD 250,000

Incremental Quantity (Nominal)

SGD 250,000

Bond Type

Corporate

Bond Sector

Industrials

Bond Sub Sector

Industrial Conglomerates

Issuer Credit Rating (S&P/ Fitch)

***/ N.R

Bond Credit Rating (S&P/ Fitch)

***/ N.R

Shariah Compliant

Exchange Listed

SGX

Bond Feature(s)

Deferral Interest Payment

Cumulative Deferral

Any Distribution deferred pursuant to this Condition 4.3 shall constitute “Arrears of Distribution”. The Issuer may, at its sole discretion, elect to further defer any Arrears of Distribution by complying with the foregoing notice requirement applicable to any deferral of an accrued Distribution. The Issuer is not subject to any limit as to the number of times Distributions and Arrears of Distribution can or shall be deferred pursuant to this Condition 4.3 except that Condition 4.3(e) shall be complied with until all outstanding Arrears of Distribution have been paid in full.

Dividend Stopper

If on any Distribution Payment Date, payment of all Distribution payments scheduled to be made on such date is not made in full by reason of this Condition 4.3, the Issuer shall not:

(i) declare or pay any discretionary dividends, distributions or make any other discretionary payment on, and will procure that no discretionary dividend, distribution or other discretionary payment is made on any of its Junior Securities or its Parity Securities (except, in relation to Parity Securities, on a pro rata basis); or

(ii) redeem, reduce, cancel, buy-back or acquire for any consideration any of its Junior Securities or its Parity Securities (except, in relation to Parity Securities, on a pro rata basis), provided that such restriction shall not apply to an exchange of any Parity Securities in whole for Junior Securities, other than:

(a) in connection with any Share Scheme Shares/Options; or

(b) as a result of the exchange or conversion of Parity Securities for Junior Securities, unless and until:

(a) the Issuer has satisfied in full all outstanding Arrears of Distribution; or

(b) it is permitted to do so by an Extraordinary Resolution of the Securityholders.

Dividend Pusher

Yes with 6 months look-back period

Issuer Call

The Securities may be redeemed at the option of the Issuer in whole, but not in part, on any Call Date upon giving not less than 30 nor more than 60 days’ notice to the Securityholders in accordance with Condition 9 (which notice shall be irrevocable) and to the Trustee and the Principal Agent in writing at 100 per cent. of their principal amount, together with Distribution accrued (but unpaid) to but excluding the date fixed for redemption (including any Arrears of Distribution and any Additional Distribution Amount).

In whole but not in part, on 16 September 2024 & on each distribution payment date thereafter at 100% of their principal amount, together with distribution accrued (but unpaid) to but excluding the date fixed for redemption (including any arrears of distribution and any additional distribution amount) in accordance with the final terms and conditions.

Following the occurrence of a Relevant Event (as defined below), the Issuer may redeem all, and not some only, of the Securities at any time on giving not less than 30 nor more than 60 days’ notice to the Securityholders (which notice shall be irrevocable), at 100 per cent. of their principal amount, together with Distribution accrued (but unpaid) to but excluding the date fixed for redemption (including any Arrears of Distribution and any Additional Distribution Amount).

a “Delisting” occurs when the Shares cease to be listed or admitted to trading on the SGX-ST (or if applicable, the Alternative Stock Exchange);
a “Prolonged Suspension” occurs if there is a suspension in trading of the Shares on the SGX-ST (or if applicable, the Alternative Stock Exchange) and such suspension continues for a period of 10 consecutive Trading Days; and
“Relevant Event” means the occurrence of any Delisting or Prolonged Suspension arising from or as a result of an application to the relevant stock exchange having been initiated or made by the Issuer.

Coupon Step

100 bps from Year 5 (16 Sep 2026)

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