ARASP 5.600% Perpetual Corp (SGD)

Bond Factsheet

Matured/ Called

ESR Asset Management Limited

Indicative

Full Lot

Bid Price

100.031

Change in Bid Price

0.158

Bid Yield (%)

Change in Bid Yield

Ask Price

100.104

Change in Ask Price

remove 0.175

Ask Yield (%)

Change in Ask Yield

Indicative price as of 04 Sep 2026, 12:00am

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Bond Information

ARA Asset Management Limited is a real estate fund management company that focuses on the management of publiclisted real estate investment trusts, REITs. The Company manages REITs, private real estate funds, specialist equity funds and offers corporate finance advisory services.

Bond Issuer

ESR Asset Management Limited

Guarantor

Announcement Date

30 Aug 2019

Issue Date

04 Sep 2019

Maturity Date

Perpetual

Years to Maturity / Next Call

Perpetual / 0.410

Modified Duration

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

5.600

Coupon Type

Variable

Annual Coupon Rate

5.600

Coupon Frequency

Semi Annually

Seniority

Subordinated

Reference Rate

Reset Date = 04 Sep 2026 & every 7 years thereafter
Reset Rate =SGD 7Y SORA OIS + Initial Spread (4.06%) + the Distribution Step-up (300 bps)

ISIN

SGXF15643061

CUSIP

ZR4015999

Bond Currency

SGD

Total Issue Size

350,000,000

Min. Investment Quantity (Nominal)

SGD 250,000

Incremental Quantity (Nominal)

SGD 250,000

Bond Type

High Yield Corporate

Bond Sector

Financials

Bond Sub Sector

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

SGX

Bond Feature(s)

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 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.

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 (as defined in the Trust Deed) or (2) as a result of the exchange or conversion of Specified Parity Obligations of the Issuer for the 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

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.

Callable on 04 Sep 2026 and every 6 months thereafter.

Coupon Step

DISTRIBUTION STEP-UP: 300 bps at the end of Year 7

Change Control Call

Issuer call at par; else 300bps step-up

If so provided hereon, 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 no 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 Arrears of Distribution and any Additional Distribution Amount) accrued to the date fixed for redemption), following the occurrence of a Change of Control.

By amending Condition 5(f) of the Series 004 Perpetual Securities as follows (with deletions shown in strikethrough and additions shown in double-underline):

“(i) “Change of Control Event” means:

(1) Mr Lim Hwee Chiang John, The Straits Trading Company Limited, Cheung Kong Property Limited, Warburg Pincus LLP and/or ~~AVIC Trust~~ ESR Cayman Limited, cease to own (whether singly or otherwise) 30 per cent. in aggregate, direct or indirect shareholding interest in the Issuer;

(2) any Person or Persons (acting together with its related corporations) (provided that such Person or Persons (and their related corporations) do not include any of the Permitted Holders) acquires or acquire Control of the Issuer, if such Person or Persons does not or do not have, and would not be deemed to have Control over the Issuer on the Issue Date; or

(3) the Issuer consolidates with or merges into or sells or transfers all or substantially all of the Issuer’s assets to any other Person or Persons (acting together with its related corporations) (provided that such Person or Persons (and their related corporations) do not include any of the Permitted Holders), unless the consolidation, merger, sale or transfer will not result in such other Person or Persons acquiring Control over the Issuer or the successor entity;”

(ii) “Control” means:

(1) the ownership or control of more than 50 per cent. of the voting rights of the issued share capital of the Issuer; or

(2) the right to appoint and/or remove all or the majority of the members of the Issuer’s board of directors, whether obtained directly or indirectly, and whether obtained by ownership of share capital, the possession of voting rights, contract or otherwise;

Additional Note

The Company has changed its name from ARA Asset Management Ltd to ESR Asset Management Limited with effect from 19-Jul-2024.

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