Bond Factsheet
BNKEA 4.875% 22Apr2032 Corp (USD)
Bank of East Asia Ltd
Indicative
Full Lot
Bid Price 99.486
Change in Bid Price 0.066
Bid Yield (%) 5.842 %
Change in Bid Yield 0.120
Ask Price 99.609
Change in Ask Price 0.065
Ask Yield (%) 5.609 %
Change in Ask Yield 0.119
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
Bank of East Asia Ltd
Guarantor
-
Announcement Date
13 Apr 2022
Issue Date
22 Apr 2022
Maturity Date
22 Apr 2032
Years to Maturity / Next Call
5.551 / 0.546
Modified Duration
4.612 @ 02 Oct 2026
Issue / Reoffer Price
99.846
Issue / Reoffer Yield
4.910
Coupon Type
Variable
Annual Coupon Rate
4.875
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
Reset Date: 22 Apr 2027
Reset Rate: prevailing 5Y UST + Spread (2.300%)
ISIN
XS2423359459
CUSIP
BV9226747
Bond Currency
USD
Total Issue Size
500,000,000
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
Permanent write-off (in whole or part) of principal and/or interest by an amount equal to the amount as the HKMA may direct or, in the absence of such a direction, as the Issuer shall (in consultation with the HKMA) determine to be necessary to satisfy the HKMA that the Non-Viability Event will cease to continue “Non-Viability Event” means the earlier of the HKMA notifying the Issuer in writing:
i. that the HKMA is of the opinion that a Write-off or conversion is necessary, without which the Issuer would become non-viable; and
ii. 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
Each holder of the Notes and the Trustee shall be deemed to agree and acknowledge that they are each subject to the exercise of any Hong Kong Resolution Authority Power by the relevant Hong Kong Resolution Authority which may include (without limitation) and result in any of the following or some combination thereof:
i. the reduction or cancellation of all or a part of the principal amount of, or interest on, the Notes;
ii. 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
iii. 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 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: 22 April 2027, 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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