Bond Factsheet
EREIT 5.750% Perpetual Corp (SGD)
ESR-REIT
Indicative
Full Lot
Bid Price 102.000
Change in Bid Price
-
Bid Yield (%) 5.110 %
Change in Bid Yield 0.001
Ask Price 103.000
Change in Ask Price
-
Ask Yield (%) 4.797 %
Change in Ask Yield 0.001
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
ESR-REIT
Guarantor
-
Announcement Date
13 Mar 2025
Issue Date
20 Mar 2025
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 3.456
Modified Duration
3.106 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.750
Coupon Type
Variable
Annual Coupon Rate
5.750
Coupon Frequency
Semi Annually
Seniority
Subordinated
Reference Rate
Reset Date: 20 March 2030 and every 5 years thereafter
Reset Rate: prevailing SGD 5Y SORA-OIS + Initial Spread (3.512%)
ISIN
SGXF66629407
CUSIP
YQ3842040
Bond Currency
SGD
Total Issue Size
125,000,000
Min. Investment Quantity (Nominal)
SGD 250,000
Incremental Quantity (Nominal)
SGD 250,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Real Estate Investment Trusts
Issuer Credit Rating (S&P/ Fitch)
***/ BBB
Bond Credit Rating (S&P/ Fitch)
***/ N.R
Shariah Compliant
No
Exchange Listed
SGX
Deferral Interest Payment
If Non-Cumulative Deferral is set out on the face of the Perpetual Security and the relevant Pricing Supplement, any distribution deferred pursuant to Condition 3(IV) of the Perpetual Securities is non-cumulative and will not accrue interest. The ESR-REIT Issuer is not under any obligation to pay that or any other distributions that have not been paid in whole or in part. The ESR-REIT Issuer may, at its sole discretion (and is not obliged to), and at any time, elect to pay an amount up to the amount of distribution which is unpaid (an “Optional Distribution”) in whole or in part by complying with the notice requirements in Condition 3(IV)(e) of the Perpetual Securities. There is no limit on the number of times or the extent of the amount with respect to which the ESR-REIT Issuer can elect not to pay distributions pursuant to Condition 3(IV) of the Perpetual Securities.
Dividend Stopper
If Dividend Stopper is set out hereon and on any Distribution Payment Date, payments of all distribution scheduled to be made on such date are not made in full by reason of this Condition 3(IV), the Issuer shall not and shall procure that none of the subsidiaries of ESR REIT shall:
(i) 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 the Issuer’s Junior Obligations or in relation to Subordinated Perpetual Securities only, (except on a pro-rata basis) any of the Issuer’s Parity Obligations; or (ii) redeem, reduce, cancel, buy-back or acquire for any consideration and will procure that no redemption, reduction, cancellation, buy-back or acquisition for any consideration is made in respect of any of the Issuer’s Junior Obligations or in relation to Subordinated Perpetual Securities only, (except on a pro-rata basis) any of the Issuer’s Parity Obligations,
in each case, other than (1) in connection with any employee benefit plan or similar arrangements with or for the benefit of employees, officers, consultants or directors of the Group (as defined in the Trust Deed) or (2) as a result of the exchange or conversion of Parity Obligations of the Issuer for Junior Obligations of the Issuer unless and until (A) (if Cumulative Deferral is specified as being applicable in the applicable Pricing Supplement) the Issuer has satisfied in full all outstanding Arrears of Distribution, (B) (if Non-Cumulative Deferral is specified as being applicable in the applicable Pricing Supplement) a redemption of all the outstanding Perpetual Securities has occurred, the next scheduled distribution has been paid in full or an Optional Distribution equal to the amount of a distribution payable with respect to the most recent Distribution Payment Date that was unpaid in full or in part, has been paid in full or (C) the Issuer is permitted to do so by an Extraordinary Resolution (as defined in the Trust Deed) of the Perpetual Securityholders and/or as otherwise specified in the applicable Pricing Supplement.
Issuer Call
20 March 2030 & on every distribution payment date thereafter at par
Additional Note
If so provided hereon, the Issuer may, at its option, redeem the Perpetual Securities in whole, but not in part, at any time at their principal amount, together with distributions (including any Arrears of Distribution and any Additional Distribution Amount) accrued from the immediately preceding Distribution Payment Date to (but excluding) the date fixed for redemption, on the Issuer giving not less than 30 nor more than 60 days’ notice to the Perpetual Securityholders and the Trustee (which notice shall be irrevocable), if the Issuer satisfies the Trustee immediately prior to the giving of such notice that as a result of any change in, or amendment to, the Property Funds Appendix, or any change in the application or official interpretation of the Property Funds Appendix, the Perpetual Securities count or will count towards the Aggregate Leverage under the Property Funds Appendix (a “Regulatory Event”), provided that no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Perpetual Securities will count towards the Aggregate Leverage.
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