Bond Factsheet
BNKEA 6.750% 15Mar2027 Corp (USD)
Bank of East Asia Ltd
Indicative
Full Lot
Bid Price 100.007
Change in Bid Price 0.005
Bid Yield (%) -
Change in Bid Yield
-
Ask Price 100.008
Change in Ask Price 0.005
Ask Yield (%) -
Change in Ask Yield
-
Indicative price as of 16 Mar 2026, 12:00am
Bond Issuer
Bank of East Asia Ltd
Guarantor
-
Announcement Date
08 Mar 2023
Issue Date
15 Mar 2023
Maturity Date
15 Mar 2027
Years to Maturity / Next Call
0.436 / -
Modified Duration
-
Issue / Reoffer Price
99.802
Issue / Reoffer Yield
6.824
Coupon Type
Variable
Annual Coupon Rate
6.750
Coupon Frequency
Semi Annually
Seniority
Senior Non Preferred
Capital Structure
Senior Non Preferred
Reference Rate
Reset Date: 15 March 2026
Reset Rate: Prevailing 1-year US Treasury Rate + Spread (2.100%)
ISIN
XS2592797398
CUSIP
ZL4655565
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
Hong Kong Resolution Authority Power
The Notes are subject to (without limitation) the reduction or cancellation of all or a part of the principal amount of, or interest on, the Notes, the conversion of all or a part of the principal amount of, or interest on, the Notes, the amendment or alteration of the maturity of the Notes, and/or the amendment or alteration of the amount of interest payable on the Notes. In this Condition 7(b):
“Hong Kong Resolution Authority Power” means any power which may exist from time to time under the Ordinance relating to financial institutions, including licensed banks, deposit-taking companies, restricted licence banks, banking group companies, insurance companies and/or investment firms incorporated in or authorised, designated, recognised or licensed to conduct regulated financial activities in Hong Kong in effect and applicable in Hong Kong to the Issuer or other members of the Group (including, for the avoidance of doubt, powers under Part 4 and Part 5 of the Ordinance) or any other laws, regulations, rules or requirements relating thereto, as the same may be amended from time to time (whether pursuant to the Ordinance or otherwise), and pursuant to which obligations of a licensed bank, deposit-taking company, restricted licence bank, banking group company, insurance company or investment firm or any of its affiliates can be reduced, cancelled, transferred, modified and/or converted into shares or other securities or obligations of the obligor or any other person; and
“relevant Hong Kong Resolution Authority” means any authority with the ability to exercise a Hong Kong Resolution Authority Power in relation to the Issuer from time to time.
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).
Issuer Call
All Notes in respect of which any such notice is given shall be redeemed on the date specified in such notice in accordance with this Condition 6(d).
In the case of a partial redemption of Notes, the notice to Noteholders shall also contain the certificate numbers of the Bearer Notes, or in the case of Registered Notes shall specify the principal amount of Registered Notes drawn and the holder(s) of such Registered Notes, to be redeemed, which shall have been drawn in such place and in such manner as may be fair and reasonable in the circumstances, taking account of prevailing market practices, subject to compliance with any applicable laws and stock exchange or other relevant authority requirements. Any redemption of Non-Preferred Loss Absorbing Notes or Dated Subordinated Notes by the Issuer pursuant to this Condition 6(d) is subject to the Issuer obtaining the prior written consent of the Monetary Authority, to the extent such consent is required under the Banking Capital Regulations or Loss Absorbing Capacity Rules.
For the avoidance of doubt, the Issuer does not provide any undertaking that it will exercise its option to redeem any Notes pursuant to this Condition 6(d).
Optional Redemption Date: 15 March 2026, subject to the prior written consent of the Monetary Authority
Additional Note
Subject to applicable law, no holder of Non-Preferred Loss Absorbing Notes or Dated Subordinated Notes may exercise, claim or plead any right of set-off, counter-claim or retention in respect of any amount owed to it by the Issuer arising under or in connection with the Non-Preferred Loss Absorbing Notes or the Dated Subordinated Notes and each holder of Non-Preferred Loss Absorbing Notes or Dated Subordinated Notes shall, by virtue of being the holder of any Non-Preferred Loss Absorbing Note or Dated Subordinated Note be deemed to have waived all such rights of such set-off, counterclaim or retention to the fullest extent permitted by law.
In the event that any holder of Non-Preferred Loss Absorbing Notes or Dated Subordinated Notes nevertheless receives (whether by set-off or otherwise) directly in a Winding-Up Proceeding in respect of the Issuer any payment by, or distribution of assets of, the Issuer of any kind or character, whether in cash, property or securities, in respect of any amount owing to it by the Issuer arising under or in connection with the Non-Preferred Loss Absorbing Notes or the Dated Subordinated Notes, other than in accordance with this Condition 3(f), such holder shall, subject to applicable law, immediately pay an amount equal to the amount of such payment or discharge to the liquidator for the time being in the Winding-Up of the Issuer for interest and each holder, by virtue of becoming a holder of such Non-Preferred Loss Absorbing Notes or Dated Subordinated Notes, shall be deemed to have so agreed and undertaken with and to the Issuer and all depositors and other unsubordinated creditors of the Issuer for good consideration.
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