Bond Factsheet
DAHSIN 6.250% 20Apr2037 Corp (USD)
Dah Sing Bank Limited
Indicative
Full Lot
Bid Price 99.597
Change in Bid Price 0.009
Bid Yield (%) 6.319 %
Change in Bid Yield 0.015
Ask Price 99.801
Change in Ask Price 0.019
Ask Yield (%) 6.290 %
Change in Ask Yield 0.004
Indicative price as of 16 Oct 2026, 4:05pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
Dah Sing Bank Limited
Guarantor
-
Announcement Date
13 Oct 2026
Issue Date
20 Oct 2026
Maturity Date
20 Apr 2037
Years to Maturity / Next Call
10.509 / 5.507
Modified Duration
7.609 @ 16 Oct 2026
Issue / Reoffer Price
99.537
Issue / Reoffer Yield
6.351
Coupon Type
Variable
Annual Coupon Rate
6.250
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
Reset Date: 20 April 2032
Reset Rate: prevailing U.S. Treasury rate + Initial Spread [TBD%]
ISIN
XS3535891058
CUSIP
DR8906247
Bond Currency
USD
Total Issue Size
300,000,000
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)
***/ BBB+
Bond Credit Rating (S&P/ Fitch)
***/ BBB-
Shariah Compliant
No
Exchange Listed
HKEX
Loss Absorption
Bail-in
Hong Kong Resolution Authority Power:
Notwithstanding any other term of the Notes, or any other agreement or arrangement, each Noteholder and the Agents shall be subject, and shall be deemed to agree, be bound by and acknowledge that they are each subject, to having the Notes being written off, cancelled, converted or modified, or to having the form of the Notes changed, in the exercise of any Hong Kong Resolution Authority Power by the relevant Hong Kong Resolution Authority without prior notice Non-Viability Loss Absorption:
Permanent write-off (in whole or part) of interest and/or principal by an amount as the Monetary Authority may direct or, in the absence of such a direction, the Issuer shall (in consultation with the Monetary Authority) determine to be necessary to satisfy the Monetary Authority that the Non-Viability Event will cease to continue
Non-Viability Event in respect of Dated Subordinated Notes:
Any Write-off of any Dated Subordinated Notes under this Condition 6 with respect to the clearing and/or settlement of any Dated Subordinated Notes is subject to the availability of procedures to effect any such Write-off in the relevant clearing system(s). For the avoidance of doubt, however, any Write-off of any Dated Subordinated Notes with respect to the Issuer under this Condition 6 will be effective upon the date that the Issuer specifies in the Non-Viability Event Notice notwithstanding any inability to operationally effect any such Write-off in the relevant clearing system(s).
(i) If this Condition 6(k) and “Write-off” is specified as applicable in the applicable Pricing Supplement for any Dated Subordinated Notes, if a Non-Viability Event occurs and is continuing, DSB shall, upon the provision of a Non-Viability Event Notice, irrevocably (without the need for the consent of the holders of the Dated Subordinated Notes) reduce the then prevailing principal amount and cancel any accrued but unpaid interest of each Dated Subordinated Note (in each case in whole or in part) by an amount equal to the Non-Viability Event Write-off Amount per Subordinated Note (such reduction and cancellation, and the reduction and cancellation of any other Dated Subordinated Notes so reduced and cancelled 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). Once any principal amount of, and any accrued but unpaid interest under, the Dated Subordinated Notes has been Written-off, it will not be restored in any circumstances, including where the relevant Non-Viability Event ceases to continue. For the avoidance of doubt, any Write-off pursuant to this provision shall not constitute an Event of Default under the Notes.
(ii) No Noteholder may exercise, claim or plead any right to any Non-Viability Event Write-off Amount, and each Noteholder shall be deemed to have waived all such rights to such Non-Viability Event Write-off Amount.
(iii) Any reference in the Conditions to principal in respect of the Dated Subordinated Notes shall thereafter refer to the principal amount of the Dated Subordinated Notes, subject to any applicable Write-off(s).
(iv) Any Series of Dated Subordinated Notes may be subject to one or more Write-offs in part (as the case may be), except where such Series of Dated Subordinated Notes has been Written-off in its entirety.
Issuer Call
If Call Option is specified in the Pricing Supplement, the Issuer may (subject to Condition 6(i) in the case of Dated Subordinated Notes), on giving not less than 15 nor more than 30 days’ irrevocable notice to the Noteholders (or such other notice period as may be specified in the Pricing Supplement) redeem, all or, if so provided, some, of the Notes on any Optional Redemption Date. Any such redemption of Notes shall be at their Optional Redemption Amount together with interest accrued to the date fixed for redemption. Any such redemption or exercise must relate to Notes of a nominal amount at least equal to the Minimum Redemption Amount specified in the Pricing Supplement and no greater than the Maximum Redemption Amount specified in the Pricing Supplement.
First Call Date: 20 April 2032 and any Interest Payment Date thereafter, subject to the prior written consent of Monetary Authority
Additional Note
(i) the HKMA notifying DSB in writing that the HKMA is of the opinion that a Write-off or conversion is necessary, without which DSB would become non-viable; and
(ii) the HKMA notifying DSB 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 DSB would become non-viable.
Redemption for Dated Subordinated Notes upon occurrence of a Regulatory Redemption Event:
Subject to Condition 6(i), the Dated Subordinated Notes may be redeemed at the option of DSB in whole, but not in part, at any time on giving not less than 30 nor more than 60 days’ notice to the Noteholders (which notice shall be irrevocable) at their Early Redemption Amount (together with interest accrued to the date fixed for redemption) if for the purposes of the Banking Ordinance or any successor legislation or regulations made thereunder, the Dated Subordinated Notes, after having qualified as such will no longer qualify (in whole or in part) as Tier 2 Capital Instruments (or equivalent) of DSB (other than non-qualification (x) solely by virtue of DSB already having on issue securities with an aggregate principal amount up to or in excess of the limit of Tier 2 Capital Instruments (or equivalent) permitted from time to time by the HKMA or (y) solely as a result of any discounting or amortisation requirements as to the eligibility of the Dated Subordinated Notes for such inclusion pursuant to the relevant legislation and statutory guidelines in force from time to time) (“Regulatory Redemption Event”), provided, however, that no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which it is determined that a Regulatory Redemption Event has occurred
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