Sukuk Factsheet
AFFBNK 5.100% Perpetual Corp (MYR)
AFFIN Islamic Bank Berhad
Indicative
Full Lot
Bid Price 100.811
Change in Bid Price 0.011
Bid Yield (%) 4.672 %
Change in Bid Yield 0.005
Ask Price 101.821
Change in Ask Price 0.011
Ask Yield (%) 4.145 %
Change in Ask Yield 0.004
Indicative price as of 05 Oct 2026, 3:52pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Sukuk Issuer
AFFIN Islamic Bank Berhad
Guarantor
-
Announcement Date
06 Oct 2023
Issue Date
10 Oct 2023
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 2.014
Modified Duration
1.850 @ 05 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.100
Distribution Type
Fixed
Annual Distribution Rate
5.100
Distribution Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
-
ISIN
MYBVZ2304179
CUSIP
ZH3484875
Sukuk Currency
MYR
Total Issue Size
500,000,000
Min. Investment Quantity (Nominal)
MYR 1,000
Incremental Quantity (Nominal)
MYR 1,000
Sukuk Type
High Yield Corporate
Sukuk Sector
Financials
Sukuk Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch/ RAM)
***/ N.R/ AA3
Sukuk Credit Rating (S&P/ Fitch/ RAM)
***/ N.R/ A3
Shariah Compliant
Yes
Islamic Principle
Sukuk Al Wakala Bel Istithmar
Exchange Listed
No
Loss Absorption
Non-Viability Loss Absorption
Upon occurrence of a Non-Viability Event, the Issuer shall irrevocably, without the need for the consent of the Sukuk Trustee or the Sukukholders at that time, write-off the relevant T2 Sukuk Murabahah and/or AT1 Sukuk Wakalah (as the case may be, in whole or in part), if so required by BNM and PIDM at their full discretion.
Upon the occurrence of a Non-Viability Event, the Issuer is required to give notice to the T2 Sukukholders and/or AT1 Sukukholders (as the case may be, via the Sukuk Trustee) and the Credit Rating Agency in accordance with the terms of the relevant T2 Sukuk Murabahah and/or AT1 Sukuk Wakalah (as the case may be), then as of the relevant write-off date:
(i) the write-off shall reduce:
(a) the claim of the relevant T2 Sukuk Murabahah and/or AT1 Sukuk Wakalah in liquidation. The T2 Sukukholders and/or AT1 Sukukholders (as the case may be) will be automatically deemed to irrevocably waive their right to receive, and no longer have any rights against the Issuer with respect to any payment of the aggregate principal amount of the relevant T2 Sukuk Murabahah and/or AT1 Sukuk Wakalah (as the case may be) written-off;
(b) the amount to be paid when a Call Option, Regulatory Redemption or Tax Redemption is exercised; and
(c) Periodic Profit Payment and/or Periodic Distribution Payment, as the case may be, on the relevant T2 Sukuk Murabahah or AT1 Sukuk Wakalah written-off;
(ii) the write-off shall be permanent and the full or part (as the case may be) of the principal amount of the relevant T2 Sukuk Murabahah and/or AT1 Sukuk Wakalah (as the case may be) and together with all unpaid Periodic Profit Payment and/or Periodic Distribution Payment (as the case may be) thereon will automatically be written-off to zero and the whole or part (as the case may be) of the relevant T2 Sukuk Murabahah and/or AT1 Sukuk Wakalah (as the case may be) will be cancelled; and
(iii) the write-off of the relevant T2 Sukuk Murabahah and/or AT1 Sukuk Wakalah (as the case may be) shall not constitute an Enforcement Event or trigger cross default clauses.
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.
Loss Absorption at the point of breach of CET1 Capital Ratio
If the CET1 Capital Ratio (as determined by the CAFIB) of the Issuer, at the consolidated or entity level, falls below 5.125%, the Issuer shall, without the need for the consent of the Sukuk Trustee or Sukukholders, write-off the AT1 Sukuk Wakalah (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 Capital Ratio to at least 5.75%. If this is not possible, then the full principal value of the AT1 Sukuk Wakalah will be written-off. Such write-off of the AT1 Sukuk Wakalah, together with the write-off of other relevant Tier 1 instruments, if any, shall be done on a pro-rata basis.
Deferral of Distribution
In the event that the Issuer has not made a full payment of any Periodic Distribution Payment on a Distribution Payment Date, then:
(i) the Issuer shall not pay any dividends to its shareholders or make any payment or distribution on any security or instruments ranking pari passu with or junior to the AT1 Sukuk Wakalah and which terms do not require the Issuer to make such payment or distribution (“Dividend Stopper”); and
(ii) the Issuer shall not redeem, purchase, reduce or otherwise acquire any of its ordinary shares, preference shares, securities or instruments ranking pari passu with or junior to the AT1 Sukuk Wakalah, or any other securities of any of its subsidiaries benefitting from a guarantee from the Issuer, ranking, as to the right of redemption of principal, or in the case of any such guarantee, as to the payment of sums under such guarantee, pari passu with or junior to the AT1 Sukuk Wakalah (“Capital Stopper”).
The Dividend Stopper and Capital Stopper shall continue to apply, as the case may be, until either any of the below is met:
(a) the Issuer has paid full Periodic Distribution Payment scheduled for two (2) consecutive semi-annual Distribution Payment Dates or four (4) consecutive quarterly Distribution Payment Dates (as the case may be) after the application of the Dividend Stopper and Capital Stopper;
(b) the Issuer has irrevocably set aside in a separately designated trust account of the Issuer for payment to the AT1 Sukukholders, an amount sufficient to provide for the full Periodic Distribution Payment scheduled for two (2) consecutive semi-annual Distribution Payment Dates or four (4) consecutive quarterly Distribution Payment Dates (as the case may be) after the application of the Dividend Stopper and the Capital Stopper and if upon determination of the amount of each of such Periodic Distribution Payment there is a shortfall in the amounts set aside in such separately designated trust account with reference to the amounts so determined, an amount at least equal to such shortfall shall be paid or irrevocably set aside in the same manner; or
(c) an Optional Distribution (as defined below) has, at the option of the Issuer and subject to BNM’s approval, been paid to all AT1 Sukukholders equal to, (without duplication of amounts previously paid to the AT1 Sukukholders) amounts outstanding (if any) on the AT1 Sukuk Wakalah which were scheduled to be paid in the twelve (12) months before the date of payment of the Optional Distribution.
No claim by Sukukholders in respect of Periodic Distribution Payment No AT1 Sukukholders shall have any claim whatsoever in respect of any Periodic Distribution Payment or part thereof cancelled and/or not due or payable as described under the section entitled “Other terms and conditions – Limitation on Periodic Distribution Payment (applicable to AT1 Sukuk Wakalah only)” above. Accordingly, such cancelled Periodic Distribution Payment or part thereof shall not accrue or accumulate for the benefit of the AT1 Sukukholders or entitle the AT1 Sukukholders to any claim in respect thereof against the Issuer.
Issuer Call
In respect of each series of T2 Sukuk Murabahah or AT1 Sukuk Wakalah (as the case may be) with a Call Option, the Issuer may, at its sole discretion, and subject to the Redemption Conditions (as described below) being satisfied, redeem that series of T2 Sukuk Murabahah or AT1 Sukuk Wakalah (in whole or in part) on any Call Date at the Redemption Amount. The optional redemption of one series of the T2 Sukuk Murabahah or AT1 Sukuk Wakalah shall not trigger the redemption of other series of the T2 Sukuk Murabahah or AT1 Sukuk Wakalah.
First Call Date: 10 October 2028
Additional Note
The Issuer may, at its option, redeem a series of T2 Sukuk Murabahah or AT1 Sukuk Wakalah (as the case may be) (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 T2 Sukuk Murabahah or AT1 Sukuk Wakalah (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 (for T2 Sukuk Murabahah) or Additional Tier 1 capital (for AT1 Sukuk Wakalah) 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 T2 Sukuk Murabahah or AT1 Sukuk Wakalah.
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