Bond Factsheet
LREIT 4.750% Perpetual Corp (SGD)
Lendlease Global Commercial REIT
Indicative
Full Lot
Bid Price 100.783
Change in Bid Price
-
Bid Yield (%) 4.163 %
Change in Bid Yield 0.001
Ask Price 101.317
Change in Ask Price
-
Ask Yield (%) 3.768 %
Change in Ask Yield 0.002
Indicative price as of 02 Oct 2026, 4:33pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
Lendlease Global Commercial REIT
Guarantor
-
Announcement Date
19 Feb 2025
Issue Date
28 Feb 2025
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 1.403
Modified Duration
1.334 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
4.750
Coupon Type
Variable
Annual Coupon Rate
4.750
Coupon Frequency
Semi Annually
Seniority
Subordinated
Reference Rate
Reset Date: 28 Feb 2028 & every 3 years thereafter
Reset Rate: Prevailing SGD 3Y SORA OIS + Initial Spread (2.185%)
ISIN
SGXF15973195
CUSIP
YR6620284
Bond Currency
SGD
Total Issue Size
120,000,000
Min. Investment Quantity (Nominal)
SGD 250,000
Incremental Quantity (Nominal)
SGD 250,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Real Estate Investment Trusts
Issuer Credit Rating (S&P/ Fitch)
***/ N.R
Bond Credit Rating (S&P/ Fitch)
***/ N.R
Shariah Compliant
No
Exchange Listed
SGX
Deferral Interest Payment
If Distribution Deferral is set out hereon, the Issuer may, at its sole discretion, elect not to pay a distribution (or to pay only part of a distribution) which is scheduled to be paid on a Distribution Payment Date by giving notice (an “Deferral Election Notice”) to the Trustee, the Issuing and Paying Agent and the Perpetual Securityholders (in accordance with Condition 14) not more than 20 nor less than five business days (or such other notice period as may be specified hereon) prior to a scheduled Distribution Payment Date.
Non-Cumulative Deferral
(i) If Non-Cumulative Deferral is set out hereon, any distribution deferred pursuant to this Condition 4(IV) is non-cumulative and will not accrue interest. The Issuer is not under any obligation to pay that or any other distributions that have not been paid in whole or in part. The Issuer may, at its sole discretion, and at any time, elect to pay an amount up to the amount of distribution which is unpaid (“Optional Distribution”) (in whole or in part) by complying with the notice requirements in Condition 4(IV)(e). There is no limit on the number of times or the extent of the amount with respect to which the Issuer can elect not to pay distributions pursuant to this Condition 4(IV).
Any partial payment of outstanding Optional Distribution by the Issuer shall be shared by the holders of all outstanding Perpetual Securities and the Coupons related to them on a pro rata basis.
Restrictions in the case of Non-Payment
If Dividend Stopper is set out hereon and on any Distribution Payment Date, payments of all distribution scheduled to be made on such date are not made in full by reason of this Condition 4(IV), the Issuer shall not and the LREIT Trustee shall procure that none of LREIT’s Subsidiaries shall:
(i) 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 Junior Obligations or, in the case of Subordinated Perpetual Securities only, (except on a pro rata basis) Parity Obligations; or
(ii) redeem, reduce, cancel, buy-back or acquire for any consideration, and will procure that no redemption, reduction, cancellation, buy-back or acquisition for any consideration is made in respect of, any Junior Obligations or, in the case of Subordinated Perpetual Securities only, (except on a pro rata basis) Parity Obligations,
in each case other than (1) in connection with any employee benefit plan or similar arrangements with or for the benefit of the employees, directors or consultants of the Group or (2) as a result of the exchange or conversion of Parity Obligations for Junior Obligations, unless and until (A) (if Cumulative Deferral is specified as being applicable in the applicable Pricing Supplement) the Issuer has satisfied in full all outstanding Arrears of Distribution, (B) (if Non-Cumulative Deferral is specified as being applicable in the applicable Pricing Supplement) a redemption of all the outstanding Perpetual Securities has occurred, the next scheduled distribution has been paid in full or an Optional Distribution equal to the amount of a distribution payable with respect to the most recent Distribution Payment Date that was unpaid in full or in part, has been paid in full or (C) the Issuer is permitted to do so by an Extraordinary Resolution (as defined in the Trust Deed) of the Perpetual Securityholders and/or as otherwise specified in the applicable Pricing Supplement.
Issuer Call
If so provided hereon, the Issuer may, on giving not less than 30 nor more than 60 days’ irrevocable notice to the Perpetual Securityholders (or such other notice period as may be specified hereon) redeem all or, if so provided, some of the Perpetual Securities on the date or dates so provided. Any such redemption of Perpetual Securities shall be at their Redemption Amount, together with distribution (including any Arrears of Distribution and any Additional Distribution Amount) accrued to (but excluding) the date fixed for redemption.
All Perpetual Securities in respect of which any such notice is given shall be redeemed on the date specified in such notice in accordance with this Condition 5(b).
In the case of a partial redemption of the Perpetual Securities, (i) in the case of Perpetual Securities represented by definitive Perpetual Securities, the notice to Perpetual Securityholders shall also contain the certificate numbers of the Bearer Perpetual Securities or, in the case of Registered Perpetual Securities, shall specify the principal amount of Registered Perpetual Securities drawn and the holder(s) of such Registered Perpetual Securities, to be redeemed, which shall have been drawn by or on behalf of the Issuer in such place and in such manner as may be agreed between the Issuer and the Trustee and (ii) in the case of Perpetual Securities represented by a Global Security or a Global Certificate, the Perpetual Securities to be redeemed will be selected in accordance with the rules of the relevant clearing systems, in each case subject to compliance with any applicable laws or other relevant authority requirements. So long as the Perpetual Securities are listed on any stock exchange, the Issuer shall comply with the rules of such stock exchange in relation to the publication of any redemption of such Perpetual Securities.
28 February 2028 & on every distribution payment date thereafter at par
Additional Note
If so provided hereon, the Perpetual Securities may be redeemed at the option of the Issuer in whole but not in part on any Distribution Payment Date or, if so specified hereon, at any time on giving not less than 30 nor more than 60 days’ notice to the Perpetual Securityholders (which notice shall be irrevocable) at their Redemption Amount, (together with distribution (including any Arrears of Distribution and any Additional Distribution Amounts) accrued to (but excluding) the date fixed for redemption), if as a result of any change in, or amendment to, the Property Funds Appendix (as defined below), or any change in the application or official interpretation of the Property Funds Appendix, the Perpetual Securities will count towards the Aggregate Leverage (as defined below) under the Property Funds Appendix, provided that no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Perpetual Securities will count towards the Aggregate Leverage.
Prior to the publication of any notice of redemption pursuant to this Condition 5(g), the Issuer shall deliver, or procure that there is delivered to the Trustee and the Issuing and Paying Agent:
(i) a certificate signed by the Chief Executive Officer and the Executive General Manager Finance of the LREIT Manager who are also Authorised Signatories of the LREIT Manager stating that the Issuer is entitled to effect such redemption and setting out the details of such circumstances; and
(ii) an opinion of independent legal or any other professional advisers of recognised standing stating that the circumstances referred to above prevail and the date on which the relevant change or amendment to, or change in application or interpretation of, the Property Funds Appendix, took, or is due to take, effect.
Upon the expiry of any such notice as is referred to in this Condition 5(g), the Issuer shall be bound to redeem the Perpetual Securities in accordance with this Condition 5(g).
In this Condition 5(g), “Aggregate Leverage” means, as defined under the Property Funds Appendix, the total borrowings and deferred payments of a real estate investment trust, or such other definition as may from time to time be provided for under the Property Funds Appendix and “Property Funds Appendix” means appendix 6 to the Code of Collective Investment Schemes issued by the Monetary Authority of Singapore in relation to real estate investment trusts.
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