Sukuk Factsheet
SDGMK 5.650% Perpetual Corp (MYR)
SD Guthrie Berhad
Indicative
Full Lot
Bid Price 99.887
Change in Bid Price
-
Bid Yield (%) -
Change in Bid Yield
-
Ask Price 100.338
Change in Ask Price
-
Ask Yield (%) -
Change in Ask Yield
-
Indicative price as of 26 Mar 2026, 12:00am
Sukuk Issuer
SD Guthrie Berhad
Guarantor
-
Announcement Date
22 May 2016
Issue Date
24 May 2016
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 0.464
Modified Duration
-
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.650
Distribution Type
Variable
Annual Distribution Rate
5.650
Distribution Frequency
Semi Annually
Seniority
Junior Subordinated
Reference Rate
Reset Date: 24 Mar 2026 and every 10 years thereafter
Reset Rate: Relevant MGS Rate + Initial Spread (1.750%) + Step-up Margin (1.00%) Please refer Coupon Step features for more information.
ISIN
MYBVZ1600502
CUSIP
JK5330499
Sukuk Currency
MYR
Total Issue Size
2,200,000,000
Min. Investment Quantity (Nominal)
MYR 1,000,000
Incremental Quantity (Nominal)
MYR 1,000,000
Sukuk Type
Corporate
Sukuk Sector
Consumer Staples
Sukuk Sub Sector
Food Products
Issuer Credit Rating (S&P/ Fitch/ MARC)
***/ BBB/ N.R
Sukuk Credit Rating (S&P/ Fitch/ MARC)
***/ N.R/ AA
Shariah Compliant
Yes
Islamic Principle
Sukuk Al Wakala Bel Istithmar
Exchange Listed
No
Deferral of Distribution
(1) Optional Deferral: The Issuer may, at its sole discretion, elect to defer payment of the whole or part only of any Expected Periodic Distribution Amount which is otherwise scheduled to be paid on a Periodic Distribution Date to the next Periodic Distribution Date by giving an Optional Deferral Notice to the Sukukholders not less than five (5) Business Days prior to a scheduled Periodic Distribution Date.
(2) No obligation to pay: Subject to the (Satisfaction of Arrears of Deferred Periodic Distribution by payment) paragraph and provided the Issuer has issued an Optional Deferral Notice in accordance with subparagraph (1) above, the Issuer shall have no obligation to pay the relevant part of the Expected Periodic Distribution Amount (including any Arrears of Deferred Periodic Distribution and any Additional Periodic Distribution Amount) on any Periodic Distribution Date and any failure to pay such Expected Periodic Distribution Amount (or any Arrears of Deferred Periodic Distribution and Additional Periodic Distribution Amount) shall not constitute a default of the Issuer in respect of the Sukuk Wakalah. Subject to (Satisfaction of Arrears of Deferred Periodic Distribution by payment) paragraph, the Issuer, may at its sole discretion, pay any Expected Periodic Distribution Amount (including any Arrears of Deferred Periodic Distribution and any Additional Periodic Distribution Amount) on any Periodic Distribution Date or such date as specified in the notice therein regardless of whether the Issuer has sufficient retained earnings.
(3) Cumulative Deferral: Any Expected Periodic Distribution Amount deferred pursuant to this paragraph shall constitute "Arrears of Deferred Periodic Distribution". The Issuer may, at its sole discretion, elect to further defer any Arrears of Deferred Periodic Distribution by complying with the foregoing notice requirement applicable, to any deferral of an accrued Expected Periodic Distribution Amount. The Issuer is not subject to any limit as to the number of times Expected Periodic Distribution Amount and Arrears of Deferred Periodic Distribution can be deferred pursuant to this paragraph except that the provisions under this paragraph (Cumulative Deferral) and paragraph (Restrictions in the case of Deferral) below shall be complied with until all outstanding Arrears of Deferred Periodic Distribution have been paid in full.
Each amount of Arrears of Deferred Periodic Distribution shall itself be entitled to Expected Periodic Distribution Amount (as the Deferred Periodic Distribution has been applied towards acquisition of Additional Assets or Investment Assets (if applicable)) as if it constituted the nominal value of the Sukuk Wakalah at the prevailing Periodic Distribution Rate and the amount of such Expected Periodic Distribution Amount (the "Additional Periodic Distribution Amount") with respect to Arrears of Deferred Periodic Distribution shall be due and payable pursuant to this paragraph and shall be calculated by applying the then prevailing Periodic Distribution Rate to the Arrears of Deferred Periodic Distribution and otherwise mutatis mutandis as provided in the foregoing provisions of this paragraph. The Additional Periodic Distribution Amount accrued up to any Periodic Distribution Date shall be added for the purpose of calculating the Additional Periodic Distribution Amount accruing thereafter, to the amount of Arrears of Deferred Periodic Distribution remaining unpaid on such Periodic Distribution Date so that it will itself become Arrears of Deferred Periodic Distribution.
(Please refer to "Periodic Distribution Deferral" in Other Terms and Conditions for more information.)
Issuer Call
Each series of the Sukuk Wakalah may be redeemed at the option of the Issuer, in whole but not in part, on each Call Date (as defined herein).
The Issuer shall give not less than ten (10) Business Days’ written notice prior to the proposed Call Date (which notice shall be irrevocable and shall oblige the Issuer to redeem the Sukuk Wakalah on the relevant Call Date) to the Sukuk Trustee (for and on behalf of the Sukukholders) for the Optional Redemption.
Proceeds from the Wakalah Portfolio for each series of the Sukuk Wakalah including the Exercise Price and the Deferred Sale Price received from Sime Darby shall be paid to the Sukukholders to redeem the relevant series of the Sukuk Wakalah in accordance with the terms of the Transaction Documents.
Call Date: 24 March 2026 and each periodic distribution date thereafter
Rating Event Redemption
If at any time a Rating Event has occurred and is continuing, the Issuer, may at its option, redeem any series of the Sukuk Wakalah which is affected by such Rating Event (in whole, but not in part).
Proceeds from the Wakalah Portfolio including the Exercise Price and the Deferred Sale Price received from Sime Darby shall be paid to the Sukukholders to redeem the relevant series of the Sukuk Wakalah in accordance with the terms of the Transaction Documents.
Rating Event
If, as a result of any amendment, clarification or change in the equity credit criteria, guidelines or methodology of MARC or any other rating agency of equivalent international standing requested from time to time by the Issuer to grant an equity classification to the obligations of the Issuer under the Sukuk Wakalah that results in a lower equity credit for the relevant series of the Sukuk Wakalah, as compared to (1) the equity credit which was first assigned on the relevant Issue Date by the relevant rating agency or, (2) if equity credit is not assigned on the relevant Issue Date, at the date when equity credit is assigned for the first time, a Rating Event shall be deemed to have occurred.
Distribution Rate Step Up
“Relevant MGS Rate” means the rate in per cent. per annum notified by the Facility Agent to the Issuer and the Sukukholders equal to the relevant MGS rates for a tenure of:
(1) in relation to calculating the Relevant Reset Periodic Distribution Rate, for a maturity of five (5) years or such other period between the Reset Dates as shall be agreed to between the Issuer and the PA/LA for any particular series of Sukuk Wakalah prior to the Issue Date of such series of Sukuk Wakalah; and
(2) in relation to calculating a Make-Whole Amount, for a maturity corresponding to the Remaining Life, in each case as shall be determined from:
(a) the latest Consolidated Government Securities Rates (Conventional) published by BNM daily, three (3) Business Days prior to the relevant Reset Date, or as the case may be, the relevant Reset Date; or
(b) if item (a) above is unavailable, the arithmetic average of the mid-rates quoted by any five (5) principal dealers, three (3) Business Days prior to the relevant determination date and/or in the case where the rate for such particular tenure is not available directly, then such rate shall be extrapolated on a linear basis using the available arithmetic average mid-rates,
PROVIDED THAT if the tenure is not an integer, the Reference MGS shall be arithmetic mean of the rates of the two nearest tenures derived from (a) or (b) above;
Make-Whole Amount
Means the amount, equal to the sum of (a) the present value of the nominal value of the Sukuk Wakalah to be redeemed discounted from the First Call Date, and (b) the present value of all Expected Periodic Distribution Amount payable (or but for any deferral would be payable) on a Periodic Distribution Date after such redemption date (exclusive of Expected Periodic Distribution Amount payable and unpaid up to the redemption date) to, and including, the First Call Date, discounted to the redemption date on a semi-annual basis (assuming a 365 day year) at the Relevant MGS Rate plus a margin of 0.75%.
Step-Up Date: 24 March 2026 which also the First Call Date.
Additional Note
Subject to applicable law, no Sukukholder may exercise, claim or plead any right of set-off, deduction, withholding or retention in respect of any amount payable to it by the Issuer in respect of, or arising under or in connection with the Sukuk Wakalah, Ijarah Agreement and the Sale Agreement pursuant to the Purchase Undertaking, the Sale Agreement pursuant to the Sale Undertaking or any other Transaction Document, and each Sukukholder shall, by virtue of his holding of any Sukuk Wakalah, be deemed to have waived all such rights of set-off, deduction, withholding or retention against the Issuer. Notwithstanding the preceding sentence, if any of the amounts payable to any Sukukholder by the Issuer in respect of, or arising under or in connection with the Sukuk Wakalah or the Ijarah Agreement, the Sale Agreement pursuant to the Purchase Undertaking, the Sale Agreement pursuant to the Sale Undertaking or any other Transaction Document is discharged by setoff, such Sukukholder shall, subject to applicable law, immediately pay an amount equal to the amount of such discharge to the Issuer (or, in the event of its Winding-Up, the liquidator 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 such discharge shall be deemed not to have taken place.
Sime Darby Plantation has change it name to SD Guthrie Bhd
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