Bond Factsheet
AHBMK 5.000% 26Jul2032 Corp (MYR)
AFFIN Bank Bhd
Indicative
Full Lot
Bid Price 100.330
Change in Bid Price 0.009
Bid Yield (%) 4.569 %
Change in Bid Yield 0.006
Ask Price 100.957
Change in Ask Price 0.009
Ask Yield (%) 3.775 %
Change in Ask Yield 0.001
Indicative price as of 01 Oct 2026, 3:59pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
AFFIN Bank Bhd
Guarantor
-
Announcement Date
20 Jul 2022
Issue Date
26 Jul 2022
Maturity Date
26 Jul 2032
Years to Maturity / Next Call
5.820 / 0.815
Modified Duration
4.956 @ 30 Sep 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.000
Coupon Type
Fixed
Annual Coupon Rate
5.000
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
-
ISIN
MYBUN2202363
CUSIP
BX9769445
Bond Currency
MYR
Total Issue Size
500,000,000
Min. Investment Quantity (Nominal)
MYR 1,000
Incremental Quantity (Nominal)
MYR 1,000
Bond Type
High Yield Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch/ RAM)
***/ N.R/ AA3
Bond Credit Rating (S&P/ Fitch/ RAM)
***/ N.R/ A1
Shariah Compliant
No
Exchange Listed
No
Loss Absorption
Early redemption pursuant to a regulatory redemption (“Regulatory Redemption”)
The Issuer may, at its option, redeem a series of Subordinated MTNs (in whole or in part) at their nominal value together with accrued but unpaid coupon payment (if any), subject to the Redemption Conditions being satisfied, if a Regulatory Event (as defined below) occurs.
“Regulatory Event” means any time there is more than an insubstantial risk, as determined by the Issuer, that:
(a) any series of Subordinated MTNs (in whole or in part) will, either immediately or with the passage of time or upon either the giving of notice or fulfilment of a condition, no longer qualify as Tier 2 Capital of the Issuer for the purposes of BNM’s capital adequacy requirements under any applicable regulations; or
(b) changes in law will make it unlawful for the Issuer to continue performing its obligations under any series of Subordinated MTNs.
Contingent Write-Off
At the point of a Trigger Event, the Issuer shall irrevocably, without the consent of the Subordinated MTNholders, write-off the Subordinated MTNs in whole or in part, if so required by BNM and/or Malaysia Deposit Insurance Corporation (“PIDM”) at their full discretion.
Upon the occurrence of a Trigger Event, the Issuer is required to give notice to the Subordinated MTNholders (via the Trustee) and the Credit Rating Agency in accordance with the terms of the Subordinated MTNs, then as of the relevant write-off date: (i) the write-off shall reduce:
(a) the claim of the Subordinated MTNs in liquidation. The Subordinated MTNholders will be automatically deemed to irrevocably waive their right to receive, and no longer have any rights against the Issuer with respect to, payment of the aggregate nominal value of the Subordinated MTNs written-off;
(b) the amount to be paid when a Call Option is exercised; and
(c) coupon payments on the Subordinated MTNs relating to the nominal value of the Subordinated MTNs written-off;
(ii) the write-off shall be permanent and the full or part (as the case may be) of the nominal value of the Subordinated MTNs will automatically be written-off to zero and the whole or part (as the case may be) of the Subordinated MTNs will be cancelled; and
(iii) the write-off of the Subordinated MTNs shall not constitute an Enforcement Event or trigger cross-default clauses. The write-off must generate Common Equity Tier 1 Capital (“CET1 Capital”) under the Malaysian Financial Reporting Standards; and the Subordinated MTNs will only receive recognition in Tier 2 Capital up to the level of CET1 Capital generated by a full write-off of the Subordinated MTNs.
A “Trigger Event” shall be the earlier of the following
(i) the Relevant Malaysian Authority (the “Relevant Malaysian Authority” means BNM, jointly with PIDM) notifies the Issuer in writing that the Relevant Malaysian Authority is of the opinion that a write-off is necessary, without which the Issuer would cease to be viable; or
(ii) the Relevant Malaysian Authority publicly announces that a decision has been made by BNM, PIDM, or any other federal or state government in Malaysia, to provide a capital injection or equivalent support to the Issuer, without which the Issuer would cease to be viable.
Issuer Call
Early redemption pursuant to the Call Option
In respect of each series of Subordinated MTNs with a Call Option, the Issuer may, at its sole discretion, and subject to the Redemption Conditions (as defined in the section entitled “Other terms and conditions - Redemption Conditions (applicable to the Subordinated MTNs only)” below) being satisfied, redeem that series of Subordinated MTNs (in whole or in part) on any Call Date at their nominal value together with accrued but unpaid coupon payment (if any). The optional redemption of one series of the Subordinated MTNs shall not trigger the redemption of other series of the Subordinated MTNs.
Any redemption of the Subordinated MTNs (whether pursuant to the Call Option or otherwise) shall be subject to compliance with the Redemption Conditions. Redemption Conditions mean:
(i) the Issuer is solvent at the time of any redemption of that series of Subordinated MTNs and immediately thereafter;
(ii) the Issuer has obtained the written approval of BNM prior to redemption of that series of Subordinated MTNs;
(iii) the Issuer is not in breach of BNM’s minimum capital adequacy requirements and capital buffer requirements applicable to the Issuer after redemption of that series or part of such series of the Subordinated MTNs; and
(iv) in respect of a Call Option only, the Issuer shall:
(a) replace that series of the Subordinated MTNs to be redeemed with capital of the same or better quality and the replacement of this capital shall be done at conditions which are sustainable for the income capacity of the Issuer; or
(b) demonstrate to BNM that its capital position is well above the minimum capital adequacy and capital buffer requirements after redemption of such series of the Subordinated MTNs.
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