Bond Factsheet
FPLSP 4.980% Perpetual Corp (SGD)
Frasers Property Treasury Pte Ltd
Indicative
Full Lot
Bid Price 99.625
Change in Bid Price
-
Bid Yield (%) -
Change in Bid Yield
-
Ask Price 100.000
Change in Ask Price
-
Ask Yield (%) -
Change in Ask Yield
-
Indicative price as of 11 Apr 2024, 12:00am
Bond Issuer
Frasers Property Treasury Pte Ltd
Guarantor
Frasers Property Ltd
Announcement Date
04 Apr 2019
Issue Date
11 Apr 2019
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 0.514
Modified Duration
-
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
4.980
Coupon Type
Variable
Annual Coupon Rate
4.980
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Reference Rate
Reset Date: 11 April 2024 and every 5 years thereafter
Reset Rate: Prevailing SGD 5Y SOR plus the Initial Spread (3.040%) and the Step-Up Margin (100 bps)
ISIN
SGXF71917235
CUSIP
ZS0526344
Bond Currency
SGD
Total Issue Size
600,000,000
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
No
Exchange Listed
SGX
Deferral Interest Payment
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.
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 and the Guarantor shall not and the Guarantor 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 Guarantor's or the Issuer's Junior Obligations or, in relation to Subordinated Perpetual Securities only, (except on a pro rata basis) any of the Guarantor's or 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 Guarantor's or the Issuer's Junior Obligations or, in relation to Subordinated Perpetual Securities only, (except on a pro rata basis) any of the Guarantor's or 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 the employees, directors or consultants of the Group or (2) as a result of the exchange or conversion of Parity Obligations of the Guarantor or the Issuer for Junior Obligations of the Guarantor or the Issuer, unless and until (A) (if Cumulative Deferral is specified as being applicable in the applicable Pricing Supplement) the Issuer has satisfi ed 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 or, as the case may be, the Guarantor, 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-month period
Issuer Call
Coupon Step
Make Whole Call
(i) in the case of a redemption of any Perpetual Securities on any Distribution Payment Date that is prior to the First Call Date, such Perpetual Securities will be redeemed at the Make Whole Amount; and
(ii) in the case of a redemption of any Perpetual Securities on the First Call Date and each Distribution Payment Date occurring after the First Call Date, such Perpetual Securities will be redeemed at the Redemption Amount,
in each case, together with the Distribution accrued (including any Arrears of Distribution and any Additional Distribution Amount) to (but excluding) the date fixed for redemption.
For the purposes of Condition 5(b), the "Make Whole Amount" means an amount equal to the greater of:
(i) an amount equal to the sum of:
(A) the present value of the principal amount of the Perpetual Securities discounted from the First Call Date; and
(B) the present value of the remaining Distributions with respect to the Perpetual Securities to and including the First Call Date,
the expression "present value" in (A) and (B) above to be calculated by discounting the relevant amounts to the date of redemption of the Perpetual Securities at the rate equal to the sum of (1) the closing Singapore dollar swap offer rate and (2) 0.75 per cent.; and
(ii) the Denomination Amount.
Change Control Call
A "Change of Control Event" occurs when:
(i) a person or persons acting in concert acquires or acquire Control of the Issuer or the Guarantor, if such person or persons does not have or do not have, and would not be deemed to have, Control of the Issuer or the Guarantor on the Issue Date; or
(ii) the Issuer or the Guarantor consolidates with or merges into or sells or transfers all or substantially all of the Issuer's or, as the case may be, the Guarantor's assets to any other person, unless the consolidation, merger, sale or transfer will not result in the other person or persons acquiring Control over the Issuer, the Guarantor, or as the case may be, the successor entity.
"Control" means, in relation to an entity (a) ownership or control of more than 50 per cent. of the voting rights of the issued share capital of such entity or (b) the right to appoint and/or remove all or the majority of the members of such entity's board of directors or other governing body, whether obtained directly or indirectly, and whether obtained by ownership of share capital, the possession of voting rights, contract or otherwise.
Change of Control Event Margin: 1.00 per cent. per annum
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