Bond Factsheet
GESP 3.928% 17Apr2039 Corp (SGD)
Great Eastern Life Assurance Co Ltd
Indicative
Full Lot
Bid Price 103.500
Change in Bid Price
-
Bid Yield (%) 3.337 %
Change in Bid Yield 0.006
Ask Price 104.500
Change in Ask Price
-
Ask Yield (%) 3.243 %
Change in Ask Yield 0.006
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
Great Eastern Life Assurance Co Ltd
Guarantor
-
Announcement Date
08 Apr 2024
Issue Date
17 Apr 2024
Maturity Date
17 Apr 2039
Years to Maturity / Next Call
12.542 / 7.539
Modified Duration
9.783 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
3.928
Coupon Type
Variable
Annual Coupon Rate
3.928
Coupon Frequency
Semi Annually
Seniority
Subordinated
Reference Rate
Reset Date:17 April 2034
Reset Rate: prevailing 5Y SORA-OIS + initial margin (0.731%)
ISIN
SGXF71417848
CUSIP
ZB2754917
Bond Currency
SGD
Total Issue Size
500,000,000
Min. Investment Quantity (Nominal)
SGD 50,000
Incremental Quantity (Nominal)
SGD 50,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Insurance
Issuer Credit Rating (S&P/ Fitch)
***/ AA-
Bond Credit Rating (S&P/ Fitch)
***/ N.R
Shariah Compliant
No
Exchange Listed
SGX
Loss Absorption
Bail-In
MAS may exercise powers that are beyond the control of the Groups
As part of the global regulatory response to the risk that systemically important financial institutions could fail, banks and more recently, insurance companies, have been the focus of recovery and resolution planning requirements. Recovery and resolution planning are designed to provide a blueprint for recovery actions to rescue such systemically important financial institutions as a going concern if such institutions face severe financial distress. As a last resort, regulatory authorities may exercise its resolution powers in order to avoid systemic disruption and government bailouts.
In Singapore, the MAS has certain resolution powers over failed financial institutions, financial institutions that are at risk of failure or, financial institutions that have breached regulatory obligations. Such resolution powers can be exercised by the MAS prior to the insolvency of such financial institutions. These resolution powers are set out in the Monetary Authority of Singapore Act 1970.
The MAS resolution powers currently include, among other things, the power to (i) transfer the whole or part of the business of a financial institution; (ii) order a compulsory transfer of shares of a financial institution; (iii) order a compulsory restructuring of share capital of the institution; and (iv) exercise statutory powers allowing the MAS to temporarily stay early termination rights (including set-off and netting rights) of counterparties to financial contracts entered into with a financial institution over which the MAS may exercise its resolution powers (which would include Singapore licensed insurers). There are also provisions in the MAS Act relating to cross-border recognition of resolution action, creditor safeguards and resolution funding. The statutory bail-in regime currently only applies to Singapore incorporated bank and Singapore-incorporated bank holding companies, but there can be no assurance that insurance companies will not be subject to such statutory bail-in regime in the future.
MAS has stated that as bail-in involves imposing express losses on creditors and not just delaying contractual rights, it has adopted a more prudent approach of starting with Singapore-incorporated banks and Singapore-incorporated bank holding companies. For non-bank financial institutions such as insurance companies, MAS has stated that it will continue to monitor international developments on bail in regimes. If insurance companies become subject to the statutory bail-in regime in the future, MAS may have resolution powers in respect of the Great Eastern Holdings Limited (GEH) Group which are beyond its control and the exercise of such resolution powers in respect of the GEH Group may have an adverse effect on its business, financial condition and results of operations.
Deferral Interest Payment
Issuer may, at its sole discretion, elect to defer paying all or part of an interest on an interest payment date subject to none of the below having occurred during six months prior to that scheduled interest payment date (lookback pusher):
(i) declaration or payment of any dividends or distributions or other payment on or in respect of the Issuer’s junior obligations (or contribution to a sinking fund for such purpose); or
(ii) redemption, reduction, cancellation, buy-back or acquisition of any of the Issuer’s junior obligations at its discretion (or contribution to a sinking fund for such purpose), as more fully described in the Offering Circular
Dividend Stopper
Applicable. If the Issuer has deferred paying all or part of an interest on an interest payment date, it shall not, and shall procure that none of its subsidiaries shall:
(i) declare or pay any dividends or distributions or make any other payments on or in respect of any of the Issuer’s junior obligations (or contribute to a sinking fund for such purpose); or
(ii) redeem, reduce, cancel, buy-back or acquire for consideration any of the Issuer’s junior obligations at its discretion (or contribute any monies to a sinking fund for such purpose), unless and until all deferred coupons have been paid by the Issuer or the Issuer is permitted to do by an extraordinary resolution of the noteholders
Cumulative Interest
Any interest deferred pursuant to this Condition 4(k) shall constitute “Arrears of Interest”. The Issuer may, at its sole discretion, elect to (in the circumstances set out in Condition 4(k)(i)) further defer any Arrears of Interest by complying with the foregoing notice requirement applicable to any deferral of an accrued interest. The Issuer is not subject to any limit as to the number of times interests and Arrears of Interests can or shall be deferred pursuant to this Condition 4(k) except that this Condition 4(k)(iii) shall be complied with until all outstanding Arrears of Interests have been paid in full.
Issuer Call
Optional Redemption Date(s): The First Call Date and each Interest Payment Date thereafter
The “First Call Date:17 April 2034
Additional Note
Subject to Condition 5(k), if as a result of:
(i) any change or proposed change to the relevant requirements issued by the MAS in relation to the qualifi cation of any Subordinated Notes issued by the Issuer as Tier 2 Capital Securities;
(ii) 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) regarding the qualification of any Subordinated Notes issued by the Issuer as Tier 2 Capital Securities; or
(iii) 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 qualifi cation of any Subordinated Notes issued by the Issuer as Tier 2 Capital Securities,
which change or amendment:
(A) becomes, or would become, effective on or after the Issue Date; or
(B) in the case of a change or proposed change to the relevant requirements issued, or is expected to be issued, by the MAS, if such change is issued by the MAS, on or after the Issue Date,
the relevant Subordinated Notes issued by the Issuer (in whole or in part) would not qualify as Tier 2 Capital Securities (a “Change of Qualifi cation Event”), then the Issuer may, having given not less than 30 nor more than 60 days’ prior written notice to the Noteholders (in accordance with Condition 15) and to the Trustee and the Issuing and Paying Agent in writing (which notice shall be irrevocable), redeem in accordance with these Conditions on any Interest Payment Date (if this Subordinated Note is at the relevant time a Floating Rate Note) or at any time (if this Subordinated Note is at the relevant time not a Floating Rate Note) all, but not some only, of the relevant Subordinated Notes issued by the Issuer, at their Early Redemption Amount or, if no Early Redemption Amount is specified hereon, at their nominal amount together with interest accrued but unpaid (if any) to (but excluding) the date of redemption in accordance with these Conditions.
Redemption upon a Change of Ratings Methodology Event
Where the applicable Pricing Supplement specifies this Condition 5(l) as applicable and subject to Condition 5(k), the Notes may be redeemed at the option of the Issuer in whole but not in part at any time on or after fi ve years from the date of issuance of the Notes on giving not less than 30 nor more than 60 days’ prior written notice to the Noteholders (in accordance with Condition 15) and to the Trustee and the Issuing and Paying Agent in writing (which notice shall be irrevocable), at their Early Redemption Amount, (together with interest accrued but unpaid (if any) to (but excluding) the date fixed for redemption).
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