ESRCAY 8.250% Perpetual Corp (USD)

Bond Factsheet

Matured/ Called

ESR Group Limited

Indicative

Full Lot

Bid Price

100.250

Change in Bid Price

0.435

Bid Yield (%)

-35.225 %

Change in Bid Yield

remove 64.540

Ask Price

100.750

Change in Ask Price

0.685

Ask Yield (%)

-120.911 %

Change in Ask Yield

remove 121.343

Indicative price as of 05 Jun 2020, 12:00am

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Bond Information

ESR Group Limited operates as an integrated logistics real estate platform. The Company provides real estate private equity fund management, real estate investment trust, and other services. ESR Group conducts businesses in China, Japan, South Korea, Australia, Singapore, India, New Zealand, and other countries.

Bond Issuer

ESR Group Limited

Guarantor

Announcement Date

31 May 2017

Issue Date

07 Jun 2017

Maturity Date

Perpetual

Years to Maturity / Next Call

Perpetual / 0.174

Modified Duration

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

8.250

Coupon Type

Variable

Annual Coupon Rate

8.250

Coupon Frequency

Semi Annually

Seniority

Junior Subordinated

Reference Rate

Reset Date = 07 Jun 2020 & every 3 years thereafter
Reset Rate = UST 3Y + Initial Spread (6.815%) + Step-Up Margin (5%)

ISIN

XS1627047373

CUSIP

AN8112285

Bond Currency

USD

Total Issue Size

Outstanding Issue Size

100,000,000

Min. Investment Quantity (Nominal)

USD 200,000

Incremental Quantity (Nominal)

USD 1,000

Bond Type

Corporate

Bond Sector

Financials

Bond Sub Sector

Real Estate Management and Development

Issuer Credit Rating (S&P/ Fitch)

***/ N.R

Bond Credit Rating (S&P/ Fitch)

***/ N.R

Shariah Compliant

Exchange Listed

SGX

Bond Feature(s)

Deferral Interest Payment

Cumulative Deferral

Any distribution deferred pursuant to this Condition 4(IV) shall constitute "Arrears of Distribution". The Issuer may, at its sole discretion, elect to (in the circumstances set out in Condition 4(IV)(a)) further defer any Arrears of Distribution by complying with the foregoing notice requirement applicable to any deferral of an accrued distribution. The Issuer is not subject to any limit as to the number of times distributions and Arrears of Distribution can or shall be deferred pursuant to this Condition 4(IV) except that this Condition 4(IV)(c) shall be complied with until all outstanding Arrears of Distribution have been paid in full.

Dividend Stopper

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 and the Guarantor shall not and ESR shall procure that none of ESR'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 of the Issuer's or (in the case where the Issuer is not ESR) the Guarantor's Junior Obligations or (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 of the Issuer's or (in the case where the Issuer is not ESR) the Guarantor's Junior Obligations or (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 of ESR or (in the case where the Issuer is not ESR) Parity Obligations of the Issuer for Junior Obligations of ESR or the Issuer, 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 or, as the case may be, the Guarantor, 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.

Dividend Pusher

Reference period of 6 months

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 at their Redemption Amount or integral multiples thereof and on the date or dates so provided. Any such redemption of Perpetual Securities shall be at their Redemption Amount, together with distribution accrued (including any Arrears of Distribution and any Additional Distribution Amount) to (but excluding) the date fixed for redemption.

Callable on 7 June 2020 and every 6 months thereafter at 100.

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