Bond Factsheet
ROTHLF 7.000% 11Sep2034 Corp (USD)
Rothesay Life PLC
Indicative
Full Lot
Bid Price 101.476
Change in Bid Price 0.342
Bid Yield (%) 6.387 %
Change in Bid Yield 0.139
Ask Price 101.993
Change in Ask Price 0.340
Ask Yield (%) 6.177 %
Change in Ask Yield 0.137
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
Rothesay Life PLC
Guarantor
-
Announcement Date
04 Jun 2024
Issue Date
11 Jun 2024
Maturity Date
11 Sep 2034
Years to Maturity / Next Call
7.940 / 2.685
Modified Duration
5.977 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
7.003
Coupon Type
Variable
Annual Coupon Rate
7.000
Coupon Frequency
Semi Annually
Seniority
Subordinated
Reference Rate
Reset Date = 11 Sep 2029
Reset Rate = 5Years UST + Initial Margin (2.650%)
ISIN
XS2805330094
CUSIP
YX5278925
Bond Currency
USD
Total Issue Size
325,000,000
Min. Investment Quantity (Nominal)
USD 200,000
Incremental Quantity (Nominal)
USD 1,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Insurance
Issuer Credit Rating (S&P/ Fitch)
***/ A
Bond Credit Rating (S&P/ Fitch)
***/ BBB+
Shariah Compliant
No
Exchange Listed
Others
Deferral Interest Payment
Any payment of interest otherwise due on the Notes on an Interest Payment Date will be mandatorily deferred if such Interest Payment Date is a Mandatory Interest Deferral Date. The Issuer shall notify the Trustee, the Paying Agents and the Noteholders in accordance with Condition 5(f) if a Regulatory Deficiency Interest Deferral Event has occurred and is continuing or if a Regulatory Deficiency Interest Deferral Event would occur on the relevant Interest Payment Date if payment of interest were made (provided that, for the avoidance of doubt, any delay in giving or failure to give such notice shall not result in such interest becoming due and payable on the relevant Mandatory Interest Deferral Date , nor constitute a default or event of default under the Notes or the Trust Deed or for any other purpose A certificate signed by two Directors delivered to the Trustee confirming that (a) a Regulatory Deficiency Interest Deferral Event has occurred and is continuing, or would occur if payment of interest on the Notes were to be made or (b) a Regulatory Deficiency Interest Deferral Event has ceased to occur and/or payment of interest on the Notes would not result in a Regulatory Deficiency Interest Deferral Event occurring, may be treated and accepted by the Trustee as correct and sufficient evidence thereof a nd shall if so treated and accepted be binding on the Issuer, the holders of the Notes and the Coupons relating to them and all other interested parties. The Trustee shall be entitled to rely absolutely on such certificate without liability to any person a nd without any obligation to verify or investigate the accuracy thereof.
Issuer Call
Unless the Issuer shall have given notice to redeem the Notes under Condition 6(d), 6(e), 6(f) or 6(i), and if “Issuer Call Option” is specified hereon, the Issuer may at its option, subject to the Solvency Condition and Conditions 6(b) and 6(j) and having given not less than 15 nor more than 30 days’ notice (or such other notice period as may be specified hereon) to the Trustee, the Issuing and Paying Agent, in the case of Registered Notes, the Registrar and, in accordance with Condition 16, the Noteholder s (which notice shall specify the date set for redemption and shall, subject as aforesaid, be irrevocable) redeem all or, if so specified hereon, some only of the Notes on any Optional Redemption Date specified hereon.
Optional Redemption Date(s): Any date from (and including) 11 June 2029 to (but excluding) the First Reset Note Reset Date
Clean up redemption at the option of the Issuer
If “Issuer Clean up Call” is specified as being applicable hereon, and if at any time after the Issue Date 75 per cent. (or such other Clean up Call Threshold as may be specified in the relevant Pricing Supplement) or more of the aggregate principal amount of the Notes originally issued (and, for these purposes, any Further Notes will be deemed to have been originally issued) has been purchased by the Issuer or any of its Subsidiaries and cancelled, then the Issuer m ay, subject to the Solvency Condition and Conditions 6(b) and 6(j) and having given not less than 15 nor more than 30 days’ notice (or such other notice period as may be specified hereon) to the Trustee, the Issuing and Paying Agent, in the case of Registered Notes, the Registrar and, in accordance with Condition 16, the Noteholders (which notice shall specify the date set for redemption and shall, subject as aforesaid, be irrevocable), redeem in accordance with these Conditions all, but not some only, of the Notes at the Clean up Redemption Price (which, unless otherwise specified in the relevant Pricing Supplement, shall be their principal amount), together with any Arrears of Interest and any other accrued and unpaid interest to (but excluding) the date of redemption.
Subject to the Solvency Condition and Conditions 6(b) and 6(j), upon expiry of such notice the Issuer shall redeem the Notes.
Additional Note
Redemption due to Capital Disqualification Event
If, prior to the giving of the notice referred to below in this Condition 6(e), a Capital Disqualification Event has occurred and is continuing or, as a result of any change to the Relevant Rules (or change to the interpretation of the Relevant Rules by any court or authority entitled to do so), a Capital Disqualification Event will occur within the forthcoming period of six mont hs , then the Issuer may, subject to the Solvency Condition and Conditions 6(b) and 6(j) and having given not less than 15 nor more than 60 days’ notice (or such other notice period which may be specified hereon) to the Noteholders in accordance with Condition 16, the Trustee, and the Issuing and Paying Agent (which notice may be given at any time up to and including the anniversary o f the occurrence of such Capital Disqualification Event shall specify the date set for redemption and shall, subject as aforesaid, be irrevocable ), elect to redeem in accordance with these Conditions all (but not some only) of the Notes, at any time or, i f and for so long as the Note is a Floating Rate Note, on any Interest Payment Date, at their Special Redemption Price (which, unless otherwise specified hereon, shall be their principal amount) together with any accrued and unpaid interest to (but excludi ng) the date fixed for redemption in accordance with these Conditions and any Arrears of Interest.
Subject to Conditions 3(b), 6(b) and 6(j) j), upon the expiry of such notice the Issuer shall redeem the Notes.
Redemption for Rating Reasons
If “Ratings Methodology Call” is specified hereon, and if, prior to the giving of the notice referred to below in this Condition 6(f), a Ratings Methodology Event has occurred or, as a result of any change in, or amendment or clarification to, or any change in the application or official interpretation of, any ratings methodology or other official publication, a Ratings Methodology Event will occur within a period of six months, then the Issuer may, subject to the Solvency Condition and Conditions 6(b) and 6(j) and having given not less than 15 nor more than 60 days’ notice (or such other notice period which may be specified hereon) to the Noteholders in accordance with Condition 16, the Trustee and the Issuing and Paying Agent (which notice may be given at any time up to and including the first anniversary of the occurrence of such Ratings Methodology Event (or such other date as is specified and shall specify the date set for redemption and shall, subject as aforesaid, be irrevocable ), elect to redeem in accordance with these Conditions all (but not some only) of the Notes, at any time or, if and for so long as the Note is a Floating Rate Note, on any Interest Payment Date, at their Special Redemption Price (which, unless otherwise specified hereon, shall be their principal amount), together with any accrued and unpaid interest to (but excluding) the date fixed for redemption in accordance with these Conditions and any Arrears of Interest.
Subject to Conditions 3(b), 6(b) and 6(j) j), upon the expiry of such notice the Issuer shall redeem the Notes.
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