SINOCE 6.946% Perpetual Corp (USD)

Bond Factsheet

Trading without Accrued Interest

Matured/ Called

Sino-Ocean Land Treasure III Ltd

Indicative

Full Lot

Bid Price

3.500

Change in Bid Price

Bid Yield (%)

154.865 %

Change in Bid Yield

0.427

Ask Price

4.500

Change in Ask Price

Ask Yield (%)

126.298 %

Change in Ask Yield

0.313

Indicative price as of 23 Dec 2025, 12:00am

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Bond Information

SinoOcean Land Treasure Finance III Ltd operates as a special purpose entity. The Company was formed for the purpose of issuing debt securities to repay existing credit facilities, refinance indebtedness, and for acquisition purposes.

Bond Issuer

Sino-Ocean Land Treasure III Ltd

Guarantor

Sino-Ocean Group Holding Ltd

Announcement Date

12 Sep 2017

Issue Date

21 Sep 2017

Maturity Date

Perpetual

Years to Maturity / Next Call

Perpetual / 0.910

Modified Duration

Issue / Reoffer Price

99.562

Issue / Reoffer Yield

5.000

Coupon Type

Variable

Annual Coupon Rate

6.946

Coupon Frequency

Semi Annually

Seniority

Subordinated

Reference Rate

Reset Date = 21 Sep 2022 and every 5 years thereafter
Reset Rate = 5-year US Treasury Rate plus Initial Spread (3.256%) + Step Up Margin (1%) in 21Sep2027.

Accrued Interest

Trading without

ISIN

XS1677024579

CUSIP

AP0434450

Bond Currency

USD

Total Issue Size

600,000,000

Outstanding Issue Size

Min. Investment Quantity (Nominal)

USD 200,000

Incremental Quantity (Nominal)

USD 1,000

Bond Type

High Yield 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)

***/ W.R

Shariah Compliant

Exchange Listed

HKEX

Bond Feature(s)

Deferral Interest Payment

Cumulative Deferral

Any Distribution deferred pursuant to this Condition 6(d) shall constitute "Arrears of Distribution". The Issuer may, at its sole discretion, elect (in the circumstances set out in Condition 6(d)(i)) to defer further 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 6(d) except that Condition 6(d)(v) shall be complied with until all outstanding Arrears of Distribution have been paid in full.

Dividend Stopper

If, on any Distribution Payment Date, payment of all Distribution payments scheduled to be made on such date is not made in full, each of the Issuer and the Guarantor shall not, and each shall procure that none of its Subsidiaries will:

(A) declare, pay or make any dividends, distributions or other discretionary payments, and will procure that no dividend, distribution or other discretionary payment is declared, paid or made, on any of the Junior Obligations or Parity Obligations of the Issuer or the Guarantor save that such restriction shall not apply to payments in respect of (1) any employee benefit plan or similar arrangements with or for the benefit of employees, officers, directors or consultants; or (2) any of the Parity Obligations of the Issuer made on a pro rata basis; or

(B) at its discretion redeem, reduce, cancel, buy-back or acquire for any consideration any of the Junior Obligations or Parity Obligations of the Issuer or the Guarantor other than (1) a repurchase or other acquisition of securities in respect of an employment benefit plan or similar arrangement with or for the benefit of employees, officers, directors or consultants; (2) a redemption, reduction, cancellation, buy-back or acquisition of any of the Parity Obligations of the Issuer made on a pro rata basis with a pro rata purchase of Securities by the Issuer; or (3) as a result of the exchange or conversion of the Parity Obligations of the Issuer or the Guarantor for the Junior Obligations of the Issuer or the Guarantor, as the case may be,

in each case, unless and until (X) the Issuer or the Guarantor, as the case may be, has satisfied in full all outstanding Arrears of Distribution and Additional Distribution Amounts or (Y) the Issuer, the Guarantor or the relevant Subsidiary of the Issuer or the Guarantor is permitted to do so by an Extraordinary Resolution of the Holders.

DIVIDEND PUSHER

Applicable after [TBD] September 2027 ("Second Call Date") subject to 6-month look-back period

Issuer Call

The Issuer may, on giving not more than 60 nor less than 30 days' irrevocable notice to the Trustee, the Principal Paying Agent and the Holders, redeem all but not some only of the Securities on the First Call Date, on the Second Call Date or on any Distribution Payment Date thereafter. On expiry of such notice, the Issuer shall be bound to redeem the Securities on the First Call Date, the Second Call Date or the relevant Distribution Payment Date thereafter at their principal amount together with any Distribution accrued to, but excluding, the date fixed for redemption (including any Arrears of Distribution and any Additional Distribution Amount).

FIRST CALL DATE: 21 September 2022

Coupon Step

Coupon Step up of 100 bps in Year 10

Coupon Step up upon Change of Control if not called

Upon the occurrence of a Change of Control Triggering Event, unless an irrevocable notice to redeem the Securities has been given to the Holders by the Issuer pursuant to Condition 7(g) by the 30th day following the occurrence of the Change of Control Triggering Event, the Distribution Rate will increase by 3.00 per cent. per annum with effect from (and including) the Distribution Payment Date falling nearest to the date which is 60 days after the date on which the Change of Control Triggering Event occurred, provided that the maximum aggregate increase in the Distribution Rate pursuant to this Condition 6(e) shall be 3.00 per cent. per annum. For the avoidance of doubt, any increase in the Distribution Rate pursuant to this Condition 6(e) is separate from and in addition to any increase in the Distribution Rate pursuant to Condition 6(b).

Decrease in Distribution Rate

If following an increase in the Distribution Rate after a Change of Control Triggering Event pursuant to Condition 6(e)(i), (A) (x) China Life Insurance Company Limited and its wholly-owned subsidiaries together constitute the single largest shareholder of the Guarantor, or (y) China Life Insurance Company Limited and its wholly-owned subsidiaries together have a nominee director on the board of directors of the Guarantor, and (B) the Issuer is rated Investment Grade by any Rating Agency, upon written notice of such facts being given to the Trustee, the Holders and the Principal Paying Agent, the Distribution Rate shall be decreased by 3.00 per cent. per annum with effect from (and including) the Distribution Payment Date immediately following the date falling 30 days after the date on which the Trustee receives evidence to its satisfaction of the cure of such Change of Control Triggering Event, provided that the maximum aggregate decrease in the Distribution Rate pursuant to this Condition 6(e) shall be 3.00 per cent. per annum.

Change Control Call

The Issuer may, at any time, on giving not more than 60 nor less than 30 days' irrevocable notice to the Trustee, the Holders and the Principal Paying Agent, redeem all but not some only of the Securities at (x) 101 per cent. of their principal amount (together with any Distribution accrued to, but excluding, the date fixed for redemption (including any Arrears of Distribution and any Additional Distribution Amount)) if such redemption occurs prior to the First Call Date or (y) their principal amount (together with any Distribution accrued to, but excluding, the date fixed for redemption (including any Arrears of Distribution and any Additional Distribution Amount)) if such redemption occurs on or after the First Call Date, if, immediately before giving such notice:

(i) (A) China Life Insurance Company Limited and its wholly-owned subsidiaries together cease to be the single largest shareholder of the Guarantor; or (B) China Life Insurance Company Limited and its wholly-owned subsidiaries together cease to have a nominee director on the board of directors of the Guarantor, (each of the above, a "Change of Control"); and

(ii) if, at the time of, or within six months after, the occurrence of a Change of Control:
(A) the Guarantor carries an Investment Grade rating from three Rating Agencies, each of at least two Rating Agencies either (I) downgrades the Investment Grade rating given by it to the Guarantor to a Non-Investment Grade rating, or (II) withdraws the Investment Grade rating given by it to the Guarantor;
(B) the Guarantor carries an Investment Grade rating from two Rating Agencies, each of both Rating Agencies either (I) downgrades the Investment Grade rating given by it to the Guarantor to a Non-Investment Grade rating, or (II) withdraws the Investment Grade rating given by it to the Guarantor; or
(C) the Guarantor carries an Investment Grade rating from one Rating Agency, such Rating Agency either (I) downgrades the Investment Grade rating given by it to the Guarantor to a Non-Investment Grade rating, or (II) withdraw the Investment Grade rating given by it to the Guarantor,

(each of the above, a "Ratings Downgrade", and together with a Change of Control, a "Change of Control Triggering Event"), and such Change of Control Triggering Event has occurred and is continuing.

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