Bond Factsheet
SINTEC 5.500% Perpetual Corp (SGD)
Singapore Technologies Telemedia Pte Ltd
Indicative
Full Lot
Bid Price 108.125
Change in Bid Price
-
Bid Yield (%) 70.681 %
Change in Bid Yield 67.490
Ask Price 109.300
Change in Ask Price
-
Ask Yield (%) 45.899 %
Change in Ask Yield 43.025
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
Singapore Technologies Telemedia Pte Ltd
Guarantor
-
Announcement Date
04 Jul 2023
Issue Date
11 Jul 2023
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 0.046
Modified Duration
0.035 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.500
Coupon Type
Variable
Annual Coupon Rate
5.500
Coupon Frequency
Semi Annually
Seniority
Subordinated
Reference Rate
Reset Date: 11 Jul 2030 and every 7 years thereafter
Reset Rate: prevailing SGD 7Y SORA-OIS + Initial Spread [2.247%] + Applicable Step Up [1.000%]
ISIN
SGXF49261369
CUSIP
ZJ6048426
Bond Currency
SGD
Total Issue Size
330,000,000
Min. Investment Quantity (Nominal)
SGD 250,000
Incremental Quantity (Nominal)
SGD 250,000
Bond Type
High Yield Corporate
Bond Sector
Financials
Bond Sub Sector
Diversified Financial Services
Issuer Credit Rating (S&P/ Fitch)
***/ N.R
Bond Credit Rating (S&P/ Fitch)
***/ N.R
Shariah Compliant
No
Exchange Listed
SGX
Deferral Interest Payment
If Optional Payment is set out hereon, the Issuer may, at its sole discretion, elect not to pay a distribution (or to pay only part of a distribution) which is scheduled to be paid on a Distribution Payment Date by giving notice (an “Optional Payment Notice”) to the Trustee and the Issuing and Paying Agent and the Perpetual Securityholders (in accordance with Condition 14) not more than 15 nor less than five business days (or such other notice period as may be specified hereon)prior to a scheduled Distribution Payment Date.
If Dividend Pusher is set out hereon, the Issuer may not elect to defer any distribution if during the Reference Period (as specified in the applicable Pricing Supplement) ending on the day before that scheduled Distribution Payment Date, any or all of the following (each such event a “Compulsory Distribution Payment Event”) have occurred. Please refer 4(IV) Distribution Discretion in Terms and Conditions of the Perpetual Securities in Information Memorandum dated 8 June 2023
Dividend Pusher: Applicable, with 12 month look back period.
No Obligation to Pay
If Optional Payment is set out hereon and subject to Conditions 4(IV)(c) and 4(IV)(d), the Issuer shall have no obligation to pay any distribution on any Distribution Payment Date and any failure to pay a distribution in whole or in part shall not constitute a default of the Issuer in respect of the Perpetual Securities.
Cumulative Deferral
If Cumulative Deferral is set out hereon, any distribution deferred pursuant to this Condition 4(IV) shall constitute “Arrears of Distribution”. The Issuer may, at its sole discretion, elect to (in the circumstances set out in Condition 4(IV)(a)) 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 pursuant to this Condition 4(IV) except that this Condition 4(IV)(c) shall be complied with until all outstanding Arrears of Distribution have been paid in full.
Restrictions in the case of Non-Payment( 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 4(IV), the Issuer shall not:
(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:
(1) any of the Issuer’s Junior Obligations; or
(2) if this Perpetual Security is a Senior Perpetual Security, (except on a pro rata basis) the Issuer’s Senior Parity Obligations; or
(3) if this Perpetual Security is a Subordinated Perpetual Security, (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:
(1) the Issuer’s Junior Obligations; or
(2) if this Perpetual Security is a Senior Perpetual Security, (except on a pro rata basis) the Issuer’s Senior Parity Obligations; or
(3) if this Perpetual Security is a Subordinated Perpetual Security, (except on a pro rata basis) any of the Issuer’s Parity Obligations,
Issuer Call
If so provided hereon, the Issuer may, on giving irrevocable notice to the Perpetual Securityholders falling within the Issuer’s Redemption Option Period shown on the face hereof, redeem all or, if so provided, some of the Perpetual Securities at their Redemption Amount or integral multiples thereof and on the date or dates so provided. Any such redemption of Perpetual Securities shall be at their Redemption Amount, together with distribution accrued (including any Arrears of Distribution and any Additional Distribution Amount) to (but excluding) the date fixed for redemption.
Issuer Call Option: 11 July 2030 & at any distribution payment date thereafter at par.
Redemption in the case of Minimal Outstanding Amount
If so provided hereon, the Notes may be redeemed at the option of the Issuer in whole, but not in part, on any Interest Payment Date or, if so specified hereon, 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 Redemption Amount together with interest accrued to (but excluding) the date fixed for redemption if, immediately before giving such notice, the aggregate principal amount of the Notes outstanding is less than 20 per cent. of the aggregate principal amount originally issued.
Coupon Step
The Distribution Rate applicable to each Fixed Rate Perpetual Security shall be:
(i) if no Reset Date is specified in the applicable Pricing Supplement and:
(1) if no Step-Up Margin is specified in the applicable Pricing Supplement, the rate shown on the face of such Perpetual Security; or
(2) if a Step-Up Margin is specified in the applicable Pricing Supplement, (A) for the period from (and including) the Distribution Commencement Date to (but excluding) the Step-Up Date specified in the applicable Pricing Supplement, the rate shown on the face of such Perpetual Security and (B) for the period from (and including) the Step-Up Date specified in the applicable Pricing Supplement, the rate shown on the face of such Perpetual Security plus the Step-Up Margin (as specified in the applicable Pricing Supplement); and
(ii) if a Reset Date is specified in the applicable Pricing Supplement, (1) for the period from (and including) the Distribution Commencement Date to (but excluding) the First Reset Date specified in the applicable Pricing Supplement, the rate shown on the face of such Perpetual Security and (2) for the period from (and including) the First Reset Date and each Reset Date (as shown in the applicable Pricing Supplement) falling thereafter (but excluding) to the immediately following Reset Date, the Reset Distribution Rate.
Step Up: 100 bps from Year 7
Step-Up Date: 11 July 2030
Step-Up Margin: 1 per cent. per annum
Make Whole Call
The Issuer shall redeem all (and not some only) of the Perpetual Securities then outstanding on 22 October 2026 (the “Make-Whole Redemption Date”) at a price of S$278,257.54 per Calculation Amount (being 111.303016 per cent. of the principal amount) of the Perpetual Securities (the “Make-Whole Redemption Price”), together with distribution accrued from (and including) the last preceding Distribution Payment Date to (but excluding) the Make-Whole Redemption Date.”;
Additional Note
If Additional Distribution is set out hereon, each amount of Arrears of Distribution shall bear interest as if it constituted the principal of the Perpetual Securities at the Distribution Rate or Rate of Distribution (as the case may be) and the amount of such interest (the “Additional Distribution Amount”) with respect to Arrears of Distribution shall be due and payable pursuant to this Condition 4 and shall be calculated by applying the applicable Distribution Rate or Rate of Distribution (as the case may be) to the amount of the Arrears of Distribution and otherwise mutatis mutandis as provided in the foregoing provisions of this Condition 4. The Additional Distribution Amount accrued up to any Distribution Payment Date shall be added, for the purpose of calculating the Additional Distribution Amount accruing thereafter, to the amount of Arrears of Distribution remaining unpaid on such Distribution Payment Date so that it will itself become Arrears of Distribution.
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