HYSAN 7.200% Perpetual Corp (USD)

Bond Factsheet

Elect Global Investments Limited

Indicative

Full Lot

Bid Price

101.125

Change in Bid Price

remove 0.063

Bid Yield (%)

6.866 %

Change in Bid Yield

0.018

Ask Price

101.750

Change in Ask Price

remove 0.125

Ask Yield (%)

6.684 %

Change in Ask Yield

0.036

Indicative price as of 02 Oct 2026, 4:33pm

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Bond Information

Elect Global Investments Ltd. operates real estate businesses. The Company provides house loans, real estate sales, house renovation, property management, and other businesses. Elect Global Investments offers its services throughout Hong Kong.

Bond Issuer

Elect Global Investments Limited

Guarantor

Hysan Development Company Limited

Announcement Date

04 Mar 2025

Issue Date

11 Mar 2025

Maturity Date

Perpetual

Years to Maturity / Next Call

Perpetual / 3.936

Modified Duration

3.369 @ 02 Oct 2026

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

7.200

Coupon Type

Variable

Annual Coupon Rate

7.200

Coupon Frequency

Semi Annually

Seniority

Subordinated

Reference Rate

Reset date:11 September 2030 every 5 years thereafter
Reset Rate: prevailing 5-year US Treasury + Initial Spread (3.277%) + the Applicable Step-Up Margin (1.000% from year 10.5)

ISIN

XS3012400746

CUSIP

YQ0494258

Bond Currency

USD

Total Issue Size

750,000,000

Min. Investment Quantity (Nominal)

USD 200,000

Incremental Quantity (Nominal)

USD 1,000

Bond Type

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)

***/ N.R

Shariah Compliant

Exchange Listed

HKEX

Bond Feature(s)

Deferral Interest Payment

Distribution Deferral

Optional Deferral of Distributions

The Issuer may, at its sole discretion, elect to defer Distribution (in whole or in part) which is otherwise scheduled to be paid on a Distribution Payment Date to the next Distribution Payment Date by giving to the Holders in accordance with Condition 14 (Notices) not more than 10 Business Days’ nor less than five Business Days’ notice prior to the relevant scheduled Distribution Payment Date; unless in respect of an election to defer Distribution which is otherwise scheduled to be paid on or after 11 September 2035, a Compulsory Distribution Payment Event has occurred. Any Distribution so deferred shall constitute “Arrears of Distribution”.

The Issuer shall have no obligation to pay any Distribution (including any Arrears of Distribution and any Additional Distribution Amount) on any Distribution Payment Date if it validly elects not to do so in accordance with Condition 4(c)(i) (Distribution – Distribution Deferral – Optional Deferral) and any such failure to pay Distribution shall not constitute a default of the Issuer in respect of the Securities or of the Guarantor in respect of the Guarantee of the Securities.

Any Distribution so deferred shall accrue distribution as if it constituted the principal of the Securities at the prevailing Distribution Rate. The Issuer may, at its sole discretion, elect to further defer 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 except that Condition 4(c)(v) (Distribution Deferral – Restrictions in the case of Deferral) shall be complied with until all outstanding Arrears of Distribution have been paid in full.

Restrictions in the case of a Deferral

If on any Distribution Payment Date, payment of all Distribution payments (including Arrears of Distribution and any Additional Distribution Amount) scheduled to be made on such date is not made in full by reason of Condition 4(c) (Distribution – Distribution Deferral), the Issuer and the Guarantor shall not:

(A) declare or pay any dividends, distributions or make any other payment on, and will procure that no dividend, distribution or other payment is made on any of its Junior Securities or (except on a pro-rata basis) its Parity Securities, provided that such restriction shall not apply to payments declared, paid or made in respect of an employee benefit plan or similar arrangement with or for the benefit of employees, officers, directors or consultants; or

(B) redeem, reduce, cancel, buy-back or acquire for any consideration any of its Junior Securities or its Parity Securities, provided that such restriction shall not apply to an exchange or conversion of any Parity Securities in whole for Junior Securities or a repurchase or other acquisition of any securities in respect of an employee benefit plan or similar arrangement with or for the benefit of employees, officers, directors or consultants, in each case, unless and until the Issuer or the Guarantor (i) has satisfied in full all outstanding Arrears of Distribution and Additional Distribution Amounts; or (ii) is permitted to do so by an Extraordinary Resolution (as defined in the Agency Agreement) of the Holders.

Optional deferral at issuer’s sole discretion on a cumulative and compounding basis; subject to dividend stopper and 3-month look-back distribution pusher after year 10.5

Issuer Call

The Securities may be redeemed at the option of the Issuer in whole, but not in part, on any date from (and including) 11 September 2030 (the “Call Settlement Date”) on the Issuer’s giving not less than 10 Business Days’ nor more than 60 days’ notice to the Registrar, the Fiscal Agent and the Holders in accordance with Condition 14 (Notices) (which notice shall be irrevocable and shall oblige the Issuer to redeem the Securities on the Call Settlement Date at their principal amount plus Distribution accrued to, but excluding, such date (including any Arrears of Distribution and any Additional Distribution Amount)).

Coupon Step

Rate of Distribution:

The rate of distribution (“Distribution Rate”) applicable to the Securities shall be:

(i) in respect of the period from, and including, the Issue Date to, but excluding, 11 September 2030 (the “First Reset Date”), at 7.20 per cent. per annum;

(ii) in respect of the period from, and including, the First Reset Date to, but excluding, 11 September 2035 (the “Step-up Date”), at the Reset Distribution Rate; and

(iii) in respect of the period from, and including, the Step-up Date to, but excluding, the next following Reset Date, and for each subsequent period from, and including, a Reset Date to, but excluding, the next succeeding Reset Date, at the Reset Distribution Rate plus the Step-up Margin.

Make Whole Call

The Securities may be redeemed at the option of the Issuer in whole, but not in part, at any time prior to the Call Settlement Date, on giving not less than 10 Business Days’ nor more than 60 days’ notice to the Holders in accordance with Condition 14 (Notices) (which notice shall be irrevocable), the Registrar and the Fiscal Agent at their principal amount plus the Applicable Premium applicable to such Securities, together with Distribution accrued to, but excluding, the date fixed for redemption (including any Arrears of Distribution and any Additional Distribution Amount).

“Applicable Premium” means with respect to a Security on any redemption date, the excess of (i) the present value on such redemption date of 100 per cent. of the principal amount of such Security, plus all required remaining scheduled distribution payments due on such Security through the Call Settlement Date (but excluding accrued and unpaid distribution to the date fixed for redemption), computed using a discount rate equal to the Adjusted Treasury Rate plus 100 basis points, over (ii) 100 per cent. of the principal amount of such Security;

First call date: 11 September 2030

Additional Note

Redemption upon a ratings event

The Securities may be redeemed at the option of the Issuer in whole, but not in part, at any time, on giving not less than 10 Business Days’ nor more than 60 days’ notice to the Holders in accordance with Condition 14 (Notices) (which notice shall be irrevocable), the Registrar and the Fiscal Agent at their principal amount, together with Distribution accrued to, but excluding, the date fixed for redemption (including any Arrears of Distribution and any Additional Distribution Amount), if, immediately before giving such notice, an amendment, clarification or change has occurred or will occur in the equity credit methodology for the Securities granted by Moody’s Investors Service Limited (“Moody’s”), Fitch Ratings Ltd. (“Fitch”) or any other rating agency of equivalent international standing requested from time to time by the Guarantor to grant an equity classification to the Securities and/or the Guarantee of the Securities and in each case, any of their respective successors to the rating business thereof (each a “Rating Agency”, and, together, “Rating Agencies”), which amendment, clarification or change results or will result in:

(i) an equity credit for the Securities being lower than the equity credit assigned by such Rating Agency immediately prior to the relevant amendment, clarification or change; or

(ii) the period of time during which such Rating Agency assigns a particular category of equity credit to the Securities being shortened as compared to the period of time for which such Rating Agency initially assigned to the Securities such category of equity credit for the first time, (each, an “Equity Credit Classification Event”). Substitution or Variation

If a Special Event has occurred and is continuing, then the Issuer may, subject to Condition 4 (Distribution) (without any requirement for the consent or approval of the Holders) and subject to the receipt by the Fiscal Agent of the certificate signed by two Authorised Persons of the Guarantor referred to in the Agency Agreement immediately prior to the giving of any notice referred to herein certifying that the provisions of Condition 12(c) (Meetings of Holders; Modification – Substitution or Variation) have been complied with, and having given not less than 30 days’ nor more than 60 days’ irrevocable notice to the Fiscal Agent and, in accordance with Condition 14 (Notices), the Holders, at any time either (a) substitute all, but not some only, of the Securities for, or (b) vary the terms of the Securities with the effect that they remain or become (as the case may be), Qualifying Securities. Upon expiry of such notice, the Issuer shall either vary the terms of or, as the case may be, substitute the Securities in accordance with Condition 12(c) (Meetings of Holders; Modification – Substitution or Variation).

“Special Event” means a Gross-Up Event, an Accounting Event, an Equity Credit Classification Event or any combination of the foregoing.

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