Sukuk Factsheet
YNSMK 7.500% Perpetual Corp (MYR)
Yinson Holdings Berhad
Indicative
Full Lot
Bid Price 103.730
Change in Bid Price 0.002
Bid Yield (%) 5.824 %
Change in Bid Yield 0.001
Ask Price 104.872
Change in Ask Price 0.003
Ask Yield (%) 5.327 %
Change in Ask Yield 0.001
Indicative price as of 02 Oct 2026, 4:25pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Sukuk Issuer
Yinson Holdings Berhad
Guarantor
-
Announcement Date
29 Feb 2024
Issue Date
08 Mar 2024
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 2.427
Modified Duration
2.195 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
7.500
Distribution Type
Variable
Annual Distribution Rate
7.500
Distribution Frequency
Semi Annually
Seniority
Junior Subordinated
Reference Rate
Reset Date: 08 March 2029 and every 5 years thereafter
Reset Rate: prevailing 5-year MGS rate + Initial spread (3.906%) + Step-Up Margin (1.000%)
ISIN
MYBVZ2400381
CUSIP
ZD3840323
Sukuk Currency
MYR
Total Issue Size
640,000,000
Min. Investment Quantity (Nominal)
MYR 1,000
Incremental Quantity (Nominal)
MYR 1,000
Sukuk Type
High Yield Corporate
Sukuk Sector
Energy
Sukuk Sub Sector
Energy Equipment and Services
Issuer Credit Rating (S&P/ Fitch/ MARC/ RAM)
***/ N.R/ N.R/ A1
Sukuk Credit Rating (S&P/ Fitch/ MARC/ RAM)
***/ N.R/ A-/ A3
Shariah Compliant
Yes
Islamic Principle
Sukuk Al Wakala Bel Istithmar
Exchange Listed
No
Deferral of Distribution
The Sukukholders agree that 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 notice (an "Optional Deferral Notice") to the Sukuk Trustee with a copy to the Facility Agent not more than fifteen (15) nor less than five (5) Business Days prior to a scheduled Periodic Distribution Date unless an Issuer’s Compulsory Periodic Distribution Payment Event (as defined in the section entitled “Issuer’s Compulsory Periodic Distribution Payment Event”) has occurred. Such deferral shall be known as an “Optional Deferral” and such Expected Periodic Distribution Amount being deferred shall constitute the “Arrears of Deferred Periodic Distribution”.
No obligation to pay
Subject to the provisions in the section entitled “Other terms and conditions - Satisfaction of Arrears of Deferred Periodic Distribution by payment” and provided the Issuer has issued an Optional Deferral Notice in accordance with provisions set out in the section entitled “Other terms and conditions – Periodic Distribution Deferral - Optional Deferral”, the Issuer shall have no obligation to pay any 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 Expected Periodic Distribution Amount shall not constitute a default of the Issuer in respect of the Perpetual Sukuk Wakalah.
Cumulative Deferral
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 except that the provisions in the section entitled “Other terms and conditions - Dividend and Capital Stopper” shall be complied with until all outstanding Arrears of Deferred Periodic Distribution have been paid in full.
Dividend and Capital Stopper
If on any Periodic Distribution Date, payment of all Expected Periodic Distribution Amount payments (including any Arrears of Deferred Periodic Distribution and Additional Periodic Distribution Amount) scheduled to be made on such date is not made in full by reason of this paragraph, the Issuer shall not:
1) declare or pay any dividends, distributions or make any other payment on, and will procure that no dividend, distribution or other payment is made on any of its Junior Obligations or its Parity Obligations (except on a pro-rata basis with the Perpetual Sukuk Wakalah); or
(2) redeem, reduce, cancel, buy-back or acquire and will procure that no redemption, reduction, cancellation, buy-back or acquisition is made in respect of any of its Junior Obligations or its Parity Obligations (except on a pro-rata basis with the Perpetual Sukuk Wakalah),
until all Expected Periodic Distribution Amount due and payable, and any outstanding Arrears of Deferred Periodic Distribution has been paid in full.
Dividend and Capital Pusher
Notwithstanding the Optional Deferral, the payment by the Issuer in relation to any Arrears of Deferred Periodic Distribution (if any) will become due and payable within fifteen (15) days from any of the following date:
(a) if the Issuer has on such date declared or paid any dividends, distributions or other payments on any of its Junior Obligations, or its Parity Obligations (except on a pro-rata basis with the Perpetual Sukuk Wakalah); or
(b) if the Issuer has on such date redeemed, reduced, cancelled, or acquired any of its Junior Obligations, or its Parity Obligations (except on a pro-rata basis with the Perpetual Sukuk
Issuer Call
“Call Date” means the First Call Date and each Periodic Distribution Date thereafter.
“First Call Date” means, in relation to the first tranche of Perpetual Sukuk Wakalah, the Periodic Distribution Date falling seven (7) years after the issue date of such Perpetual Sukuk Wakalah or such other date as may be agreed to between the Issuer and the JLMs prior to the issue date of the relevant Perpetual Sukuk Wakalah, and in relation to any other tranche of Perpetual Sukuk Wakalah, such date as shall be agreed to between the Issuer and the relevant JLMs prior to issuance of such tranche of Perpetual Sukuk Wakalah.
First Call Date : 08 March 2029
On or after the First Call Date
The Exercise Price shall be equal to:
(a) the nominal value of the Perpetual Sukuk Wakalah; plus
(b) any Expected Periodic Distribution Amount (including any Arrears of Deferred Periodic Distribution and any Additional Periodic Distribution Amount) payable and unpaid up to the date of redemption of the relevant Perpetual Sukuk Wakalah plus any Liquidity Facility; less
(c) the Deferred Sale Price paid.
The Issuer will be entitled to set-off the Exercise Price with any Liquidity Facility.
Distribution Rate Step Up
Stepped-Up Distribution Date(s): On the First Call Date, i.e. 8 March 2029
Make Whole Call
The Exercise Price shall be equal to:
(a) the higher of (i) nominal value of all the outstanding Perpetual Sukuk Wakalah; or (ii) the Make-Whole Amount (as defined below); plus
(b) any Expected Periodic Distribution Amount (including any Arrears of Deferred Periodic Distribution and any Additional Periodic Distribution Amount) payable and unpaid up to the date of redemption of the relevant Perpetual Sukuk Wakalah pursuant to the Sale Undertaking plus any Liquidity Facility; less
(c) the Deferred Sale Price.
The Issuer will be entitled to set-off the Exercise Price with any Liquidity Facility.
“Make-Whole Amount” means the amount, equal to the sum of:
(a) the present value of the nominal value of the outstanding Perpetual Sukuk Wakalah to be redeemed, discounted from the First Call Date to the redemption 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 the Expected Periodic Distribution Amount payable and unpaid up to the redemption date) up to, and including, the First Call Date, discounted to the redemption date on a semi-annual basis or such other basis to be determined prior to each issuance of Perpetual Sukuk Wakalah (assuming a 365 day year) at the Relevant MGS Rate (as defined below) plus a margin to be agreed between the Issuer and the JLMs prior to the issue date of the relevant tranche of the Perpetual Sukuk Wakalah.
Margin in relation to the Make-Whole Amount:2.734%
First Call Date : 08 March 2029
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