AHBMK 5.700% Perpetual Corp (MYR)

Bond Factsheet

AFFIN Bank Bhd

Indicative

Full Lot

Bid Price

101.417

Change in Bid Price

remove 0.002

Bid Yield (%)

4.823 %

Change in Bid Yield

Ask Price

102.365

Change in Ask Price

remove 0.004

Ask Yield (%)

4.249 %

Change in Ask Yield

Indicative price as of 02 Oct 2026, 4:25pm

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Bond Information

AFFIN Bank Berhad operates as the financial holding company. The Company, through its subsidiaries, provides financial products and services to individual and corporate businesses such as community, enterprise, corporate, treasury, and investment banking services. AFFIN Bank serves customers in Malaysia.

Bond Issuer

AFFIN Bank Bhd

Guarantor

Announcement Date

14 Jun 2023

Issue Date

23 Jun 2023

Maturity Date

Perpetual

Years to Maturity / Next Call

Perpetual / 1.717

Modified Duration

1.598 @ 02 Oct 2026

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

5.700

Coupon Type

Fixed

Annual Coupon Rate

5.700

Coupon Frequency

Semi Annually

Seniority

Junior Subordinated

Capital Structure

Additional Tier 1

Reference Rate

ISIN

MYBUZ2301854

CUSIP

ZJ0498882

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/ A3

Shariah Compliant

Exchange Listed

Bond Feature(s)

Loss Absorption

Additional Tier 1

Non-Viability Event

A “Non-Viability Event” shall be the earlier of the following:

(i) the Relevant Malaysian Authority (the “Relevant Malaysian Authority” means BNM, jointly with the Malaysia Deposit Insurance Corporation (“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.

Non Viability Loss Absorption

Upon occurrence of a Non-Viability Event, the Issuer shall irrevocably, without the need for the consent of the Trustee or the Noteholders, write-off the AT1CS (in whole or in part), if so required by BNM and/or PIDM at their full discretion.
Upon the occurrence of a Non-Viability Event, the Issuer is required to give notice to the Noteholders (via the Trustee) and the Credit Rating Agency in accordance with the terms of the AT1CS, then as of the relevant write-off date:
(i) the write-off shall reduce:
(a) the claim of the AT1CS in liquidation. The Noteholders will be automatically deemed to irrevocably waive their right to receive, and no longer have any rights against the Issuer with respect to, any repayment of the aggregate principal amount of the AT1CS written-off;
(b) the amount repaid when a Call Option, Regulatory Redemption or Tax Redemption is exercised; and
(c) AT1CS Distribution;
(ii) the write-off shall be permanent and the full or part (as the case may be) of the principal amount of the AT1CS will automatically be written-off to zero and the whole or part (as the case may be) of the AT1CS will be cancelled; and
(iii) the write-off of the AT1CS shall not constitute an Enforcement Event or trigger cross-default clauses.

Loss Absorption at the point of breach of CET1 Capital Ratio

If the Common Equity Tier 1 (“CET1”) Ratio (as determined by the CA Framework) of the Issuer, at the consolidated or entity level, falls below 5.125%, the Issuer shall, without the need for the consent of the Trustee or Noteholders, write-off the AT1CS (in whole or in part). The aggregate amount to be written-off must be at least the amount required to restore the Issuer’s and its consolidated CET1 Ratio to at least 5.75%. If this is not possible, then the full principal value of the AT1CS will be written-off. Such write off of the AT1CS, together with the write off of other relevant Tier 1 instruments, if any, shall be done on a pro-rata basis.

Regulatory Redemption

The Issuer may, at its option, redeem a series of AT1CS (in whole or in part) at the Redemption Amount, 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 AT1CS (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 Additional Tier 1 Capital of the Issuer for the purposes of BNM’s capital adequacy requirements under any applicable regulations and/or any other regulations applicable to the Issuer; or

(b) changes in law will make it unlawful for the Issuer to continue performing its obligations under any series of AT1CS.

Deferral Interest Payment

Limitation on Payment

The Issuer may, at its sole discretion and without prior notice to the Noteholders, taking into account its specific financial and solvency condition, elect to cancel any payment of Distribution, in whole or in part, on a non-cumulative basis. Any Distribution that has been cancelled shall no longer be due and payable at any time by the Issuer and shall not accrue, whether in a winding up situation or otherwise. Cancellation of a Distribution shall not constitute an Enforcement Event and does not entitle the Noteholders to petition for the insolvency or winding-up of the Issuer. If the Issuer does not make a Distribution payment on the relevant Distribution Payment Date (or if the Issuer elects to make a payment of a portion, but not all, of such Distribution payment), such non-payment or partial payment shall serve as evidence of the Issuer’s exercise of its discretion to cancel such Distribution payment (or portion of such Distribution payment not paid), and accordingly such Distribution payment (or the portion thereof not paid) shall not be due and payable.

Distribution Stopper

If, on any Distribution Payment Date, payment of Distributions scheduled to be made on such date is not made by reason under the section entitled “Other terms and conditions – Limitation on Payment”, the Issuer shall not:

(i) declare or pay, or permit any subsidiary of the Issuer to declare or pay, any dividends or other distributions in respect of Junior Obligations (as defined in the section entitled “Other terms and conditions - Status”) (or contribute any moneys to a sinking fund for the payment of any dividends or other distributions in respect of any such Junior Obligations);

(ii) declare or pay, or permit any subsidiary of the Issuer to declare or pay, any dividends or other distributions in respect of Parity Obligations (as defined in the section entitled “Other terms and conditions - Status”) the terms of which provide that the Issuer is not required to make payments of such dividends or other distributions in respect thereof (or contribute any moneys to a sinking fund for the payment of any dividends or other distributions in respect of any such Parity Obligations);

(iii) redeem, reduce, cancel, buy-back or acquire, or permit any subsidiary of the Issuer to redeem, reduce, cancel, buy-back or acquire, any Junior Obligations (or contribute any moneys to a sinking fund for the redemption, capital reduction, buy-back or acquisition of any such Junior Obligations); or

(iv) redeem, reduce, cancel, buy-back or acquire, or permit any subsidiary of the Issuer to redeem, reduce, cancel, buy-back or acquire, any Parity Obligations the terms of which provide that the Issuer is not required to redeem, reduce, cancel, buy-back or acquire such Parity Obligations (or contribute any moneys to a sinking fund for the redemption, capital reduction, buy-back or acquisition of any such Parity Obligations,

in each case, until (a) the next scheduled Distributions to be paid in respect of such number of consecutive distribution periods as shall be equal to or exceeding twelve (12) calendar months have been paid in full (or an amount equivalent thereto has been paid, or irrevocably set aside in a separate designated trust account for payment to the Noteholders); or (b) the Issuer is permitted to do so by an extraordinary resolution of the Noteholders.

Issuer Call

Each series of the AT1CS issued under the AT1CS Programme may have a call option (to be determined prior to the relevant issue date) (“Call Option”) to allow the Issuer, at its option, subject to Redemption Conditions (as defined under the section entitled “Provisions on early redemption, if applicable” below) to redeem (in whole or in part) that series of the AT1CS on the Call Date (if applicable for the relevant series) at its nominal value.

“Call Date” is defined as any Distribution Payment Date (as defined under the section entitled “Other terms and conditions - Interest/ coupon payment frequency” below) after a minimum period of five (5) years from the date of issue of that series of AT1CS.

First Call Date: 23 June 2028

Additional Note

Setting off

No Noteholder may exercise, claim or plead any right of set-off, deduction, withholding or retention in respect of any amount owed to it by the Issuer in respect of, or arising under or in connection with, the AT1CS, and the Noteholder shall, by virtue of his holding of any AT1CS, be deemed to have waived all such rights of set-off, deduction, withholding or retention against the Issuer in relation to the AT1CS to the fullest extent permitted by law. If at any time the Noteholder receives payment or benefit of any sum in respect of the AT1CS (including any benefit received pursuant to any such set-off, deduction, withholding or retention) other than in accordance with the terms of the AT1CS, the payment of such sum or receipt of such benefit shall, to the fullest extent permitted by law, be deemed void for all purposes and the Noteholder by virtue of his holding of any AT1CS, shall, agree as a separate and independent obligation to immediately pay an amount equal to the amount of such sum or benefit so received to the Issuer (or, in the event of its winding-up or administration, the liquidator or, as appropriate, administrator of the Issuer) and, until such time as payment is made, shall hold such amount in trust for the Issuer (or the liquidator or, as appropriate, administrator of the Issuer) and accordingly any payment of such sum or receipt of such benefit shall be deemed not to have discharged any of the obligations under the AT1CS.

Contingent Settlement

If on any Distribution Payment Date, a Capital Disqualification Event (as defined below) of a series of AT1CS has occurred prior to or on such date and is continuing, the Issuer shall, in respect of such series, be obliged to pay the Distribution accrued and payable in respect of the distribution period which ended on that Distribution Payment Date and the terms under the sections entitled “Other terms and conditions – Limitation on Payment’ and “Other terms and conditions – Distributable Reserves” shall cease to apply immediately thereafter.

“Capital Disqualification Event” means that the whole (and not just a part) or any series of AT1CS no longer qualify for inclusion as Additional Tier 1 Capital of the Issuer for the purposes of BNM’s capital adequacy requirements under any applicable regulations.

No equity conversion

The AT1CS shall not entitle the Noteholders to receive any form of equity interest in the Issuer at any point in time and the Issuer is not obliged to allot or issue any shares to or for the account of the Noteholders upon the occurrence of a Non-Viability Event or otherwise. The Noteholders shall not be entitled to participate in any distributions or entitlements to the Issuer’s shareholders or to attend or vote at any general meeting of the Issuer.

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