Bond Factsheet
BNKEA 4.000% 29May2030 Corp (USD)
Bank of East Asia Ltd
Indicative
Full Lot
Bid Price 100.029
Change in Bid Price 0.001
Bid Yield (%) -
Change in Bid Yield
-
Ask Price 100.060
Change in Ask Price 0.003
Ask Yield (%) -
Change in Ask Yield
-
Indicative price as of 29 May 2025, 12:00am
Bond Issuer
Bank of East Asia Ltd
Guarantor
-
Announcement Date
21 May 2020
Issue Date
29 May 2020
Maturity Date
29 May 2030
Years to Maturity / Next Call
3.644 / -
Modified Duration
-
Issue / Reoffer Price
99.592
Issue / Reoffer Yield
4.091
Coupon Type
Variable
Annual Coupon Rate
4.000
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Subordinated
Reference Rate
Reset Date: 29 May 2025
Reset Rate: 5Y UST + Margin (3.750%)
ISIN
XS2168040744
CUSIP
BJ5939977
Bond Currency
USD
Total Issue Size
600,000,000
Min. Investment Quantity (Nominal)
USD 250,000
Incremental Quantity (Nominal)
USD 1,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch/ MARC)
***/ N.R/ W.R
Bond Credit Rating (S&P/ Fitch/ MARC)
***/ N.R/ N.R
Shariah Compliant
No
Exchange Listed
HKEX
Loss Absorption
Non-Viability Loss Absorption
If a Non-Viability Event occurs and is continuing, the Issuer shall, on or prior to the provision of a Non-Viability Event Notice, irrevocably (without the need for the consent of the Trustee or the holders of any Notes), reduce the then principal amount of, and cancel any accrued but unpaid interest in respect of, each Note (in each case, in whole or in part) by an amount equal to the Non-Viability Event Write-off Amount per Note (such reduction and cancellation, and the reduction and cancellation or conversion of any other Subordinated Capital Instruments so reduced and cancelled or converted upon the occurrence of a Non-Viability Event, where applicable, being referred to herein as the Write-off, and Written-off shall be construed accordingly). "Junior Obligation" means:
(a) all classes of the Issuer's share capital (including without limitation any ordinary shares and any preference shares of the Issuer);
(b) any Tier 1 Capital Instruments; and
(c) any instrument or other obligations issued, entered into, or guaranteed by the Issuer that ranks or is expressed to rank junior to the Notes by operation of law or contract.
"Non-Viability Event" means the earlier of:
(a) the Monetary Authority notifying the Issuer in writing that the Monetary Authority is of the opinion that a Write-off or conversion is necessary, without which the Issuer would become non-viable; and
(b) the Monetary Authority notifying the Issuer in writing that a decision has been made by the government body, a government officer or other relevant regulatory body with the authority to make such a decision, that a public-sector injection of capital or equivalent support is necessary, without which the Issuer would become non-viable.
Hong Kong Resolution Authority Power
Notwithstanding any other term of the Notes, including without limitation the Conditions, or any other agreement or arrangement, each holder of the Notes and the Trustee shall be subject, and shall be deemed to agree, be bound by and acknowledge that they are each subject, to having the Notes held by each being written off, cancelled, converted or modified, or to having its form changed, in the exercise of any Hong Kong Resolution Authority Power by the relevant Hong Kong Resolution Authority without prior notice and which may include (without limitation) and result in any of the following or some combination thereof:
(a) the reduction or cancellation of all or a part of the principal amount of, or interest on, the Notes;
(b) the conversion of all or a part of the principal amount of, or interest on, the Notes into shares or other securities or other obligations of the Issuer or another person (and the issue to or conferral on the holder of such shares, securities or obligations), including by means of an amendment, modification or variation of the terms of the Notes; and
(c) the amendment or alteration of the maturity of the Notes or amendment or alteration of the amount of interest payable on the Notes, or the date on which the interest becomes payable, including by suspending payment for a temporary period, or any other amendment or alteration of the Conditions.
Issuer Call
Optional Redemption Date: 29 May 2025, subject to the prior written consent of the Monetary Authority.
Additional Note
Subject to Condition 6(l), following the occurrence of a Capital Event, the Issuer may, having given not less than 30 but not more than 60 days’ prior written notice to the Noteholders in accordance with Condition 17 (which notice shall be irrevocable), redeem in accordance with these Conditions on any Interest Payment Date (if the relevant Dated Subordinated Note is at the relevant time a Floating Rate Note) or at any time (if the relevant Dated Subordinated Note is at the relevant time not a Floating Rate Note) all, but not some only, of the relevant Dated Subordinated Notes, at, subject to adjustment following the occurrence of a Non-Viability Event in accordance with Condition 7, their Early Redemption Amount or, if no Early Redemption Amount is specified hereon, at their principal amount, in each case together with interest accrued but unpaid (if any) to (but excluding) the date of redemption in accordance with these Conditions and provided that no such notice of redemption shall be given prior to the compliance with Condition 6(l).
Redemption due to Loss Absorption Disqualification Event
Subject to Condition 6(l), following the occurrence of a Loss Absorption Disqualification Event, the Issuer may, having given not less than 30 but not more than 60 days’ prior written notice to the Noteholders in accordance with Condition 17 (which notice shall be irrevocable), redeem in accordance with these Conditions on any Interest Payment Date (if the relevant Note is at the relevant time a Floating Rate Note) or at any time (if the relevant Note is at the relevant time not a Floating Rate Note) all, but not some only, of the relevant Notes, at, subject to adjustment following the occurrence of a Non-Viability Event in accordance with Condition 7, their Early Redemption Amount or, if no Early Redemption Amount is specified hereon, at their principal amount together with interest accrued but unpaid (if any) to (but excluding) the date of redemption in accordance with these Conditions and provided that, in the case of Non-Preferred Loss Absorbing Notes or Dated Subordinated Notes, no such notice of redemption shall be given prior to the compliance with Condition 6(l).
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