Bond Factsheet
SPHSP 4.000% Perpetual Corp (SGD)
Singapore Press Holdings Ltd
Indicative
Full Lot
Bid Price 99.898
Change in Bid Price 0.028
Bid Yield (%) 4.073 %
Change in Bid Yield 32.247
Ask Price 100.310
Change in Ask Price 0.025
Ask Yield (%) 3.923 %
Change in Ask Yield 95.872
Indicative price as of 12 May 2022, 12:00am
Bond Issuer
Singapore Press Holdings Ltd
Guarantor
-
Announcement Date
04 Nov 2019
Issue Date
12 Nov 2019
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / -
Modified Duration
-
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
4.000
Coupon Type
Variable
Annual Coupon Rate
4.000
Coupon Frequency
Semi Annually
Seniority
Subordinated
Reference Rate
Reset Date: 12 May 2025 and every 5 years thereafter
Reset Rate: Prevailing 5Y SOR plus the Initial Spread (2.545%) and the step-up margin (100 bps)
ISIN
SGXF45754102
CUSIP
ZQ4488404
Bond Currency
SGD
Total Issue Size
300,000,000
Min. Investment Quantity (Nominal)
SGD 250,000
Incremental Quantity (Nominal)
SGD 250,000
Bond Type
High Yield Corporate
Bond Sector
Consumer Discretionary
Bond Sub Sector
Media
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 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 (in the circumstances set out in Condition 4(IV)(a)) 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 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.
Dividend Stopper
If Dividend Stopper is set out hereon and on any Distribution Payment Date, payments of all distributions scheduled to be made on such date are not made in full by reason of this Condition 4(IV), the Issuer shall not and shall procure that none of its subsidiaries 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 (except on a pro rata basis) any of the Issuer's Specified 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 (except on a pro rata basis) any of the Issuer's Specified Parity Obligations,
in each case, other than (1) in connection with any employee benefit plan or similar arrangements with or for the benefit of the employees, directors or consultants of the Group, (2) as a result of the exchange or conversion of Specified Parity Obligations of the Issuer for the Junior Obligations of the Issuer and/or (3) as otherwise specified in the applicable Pricing Supplement, 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. Dividend Pusher
Look-back 6 months
Issuer Call
Cessation of Trading Call
The Perpetual Securities may be redeemed at the option of the Issuer in whole, but not in part, on any Distribution Payment Date or, if so specified hereon, at any time on giving not less than 30 nor more than 60 days' notice to the Perpetual Securityholders (which notice shall be irrevocable), at their Redemption Amount, (together with distribution (including any Arrears of Distribution and any Additional Distribution Amount) accrued to (but excluding) the date fixed for redemption), following the occurrence of a Cessation/Suspension of Trading Event.
For the purposes of these Conditions:
(i) a "Cessation/Suspension of Trading Event" occurs when (i) the shares of the Issuer cease to be traded on the Singapore Exchange Securities Trading Limited (the "SGX-ST"), or (ii) trading in the shares of the Issuer on the SGX-ST is suspended for a continuous period of more than ten market days; and
(ii) "market day" means a day on which the SGX-ST is open for securities trading.
Cessation/Suspension of Trading of Shares Margin or Cessation/Suspension of Trading Margin: 1.00 per cent.
Coupon Step
Cessation/Suspension Of Trading Of Shares Margin: 100 bps
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