Great Eastern Life Assurance Co Ltd
Indicative
Full Lot
Indicative price as of 19 Jan 2021, 12:00am
Bond Issuer
Great Eastern Life Assurance Co Ltd
Guarantor
-
Announcement Date
12 Jan 2011
Issue Date
19 Jan 2011
Maturity Date
19 Jan 2026
Years to Maturity / Next Call
- / -
Modified Duration
-
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
4.600
Coupon Type
Variable
Annual Coupon Rate
4.600
Coupon Frequency
Semi Annually
Seniority
Subordinated
Reference Rate
Reset Rate = 5Y SGD SOR + Initial Spread (1.35%)
Reset Date= 19 Jan 2021
ISIN
SG7Z25966556
CUSIP
EI5381559
Bond Currency
SGD
Total Issue Size
-
Outstanding Issue Size
400,000,000
Min. Investment Quantity (Nominal)
SGD 250,000
Incremental Quantity (Nominal)
SGD 250,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Insurance
Issuer Credit Rating (S&P/ Fitch)
***/ N.R
Bond Credit Rating (S&P/ Fitch)
***/ N.R
Shariah Compliant
No
Exchange Listed
SGX
GEL may, on giving not less than 10 days’ irrevocable notice to the Noteholders (or such other notice period as may be specified hereon) redeem all, but not some only, of the Subordinated Notes on any Optional Redemption Date (19 January 2021). Any such redemption of Subordinated Notes shall be at their Optional Redemption Amount together with interest accrued to the date fixed for redemption. Any redemption of the Subordinated Notes in accordance with this Condition 5(d)(ii)(B) is subject to GEL obtaining the prior approval of the MAS.
Redemption for Change of Qualification Event
the Subordinated Notes may be redeemed at the option of GEL in whole, but not in part, on any Interest Payment Date at any time, on giving not less than 30 nor more than 60 days ’ notice to the Noteholders (which notice shall be irrevocable) at their Early Redemption Amount (as described in Condition 5(b) above) (together with interest accrued to the date fixed for redemption), if a Change of Qualification Event has occurred and is continuing.
"Change of Qualification Event" means as a result of:
- any change or proposed change to the relevant requirements issued by the MAS in relation to the qualification of the Subordinated Notes as a Tier 2 Resource of GEL;
- any change in the application of official or generally published interpretation of such relevant requirements issued by the MAS or any relevant authority (including a ruling or notice issued by the MAS or any relevant authority); or
- any interpretation or pronouncement by the MAS or any relevant authority that provides for a position with respect to such relevant requirements issued by the MAS that differs from the previously generally accepted position in relation to similar transactions or which differs from any specific written statements made by any authority regarding the qualification of the Subordinated Notes as a Tier 2 Resource of GEL,
- (subject to (2) below) becomes, or would become effective on or after the Issue Date; or
- in the case of a change or proposed change to the relevant requirements issued by the MAS, if such change is issued or is expected to be issued by the MAS, on or after the Issue Date,
Reference from Offering Circular Dated 10 January 2011 & Pricing Supplement Dated 17 January 2011