WINGTA 4.480% Perpetual Corp (SGD)

Bond Factsheet

Matured/ Called

Wing Tai Holdings Limited

Indicative

Full Lot

Bid Price

100.006

Change in Bid Price

remove 0.004

Bid Yield (%)

Change in Bid Yield

Ask Price

100.181

Change in Ask Price

0.005

Ask Yield (%)

Change in Ask Yield

Indicative price as of 24 May 2024, 12:00am

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Bond Information

Wing Tai Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides property investment and development, lifestyle retail, and hospitality management solutions. Wing Tai Holdings serves customers in Asia.

Bond Issuer

Wing Tai Holdings Limited

Guarantor

Announcement Date

15 May 2019

Issue Date

24 May 2019

Maturity Date

Perpetual

Years to Maturity / Next Call

Perpetual / 0.143

Modified Duration

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

4.480

Coupon Type

Variable

Annual Coupon Rate

4.480

Coupon Frequency

Semi Annually

Seniority

Senior Unsecured

Reference Rate

Reset Date: 24 May 2024 and every 5 years thereafter
Reset Rate: Prevailing SGD 5Y SOR + the Initial Spread (2.562%) + Change of Control Margin

ISIN

SGXF63316578

CUSIP

ZS6668207

Bond Currency

SGD

Total Issue Size

150,000,000

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

Cumulative Deferral

Any Distribution deferred pursuant to Condition 5(a) shall constitute "Arrears of Distribution". The Issuer may, at its sole discretion, elect (in the circumstances set out in Condition 5(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 Distributions can or shall be deferred pursuant to this Condition 5 except that this Condition 5(d) shall be complied with until all outstanding Arrears of Distribution have been paid in full.

Distribution and Capital Stopper

If, on any Distribution Payment Date, payment of Distributions (including Arrears of Distribution and Additional Distribution Amount) scheduled to be made on such date is not made in full by reason of this Condition 5, 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 Junior Obligations or (except on a pro rata basis with the Securities) any of its 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 its Junior Obligations or (except on a pro rata basis with the Securities) any of its Specified Parity Obligations, unless and until the Issuer (1) has satisfied in full all outstanding Arrears of Distribution and any Additional Distribution Amount; or (2) is permitted to do so by an Extraordinary Resolution.

Dividend Pusher

Yes (look-back 12 months)

Issuer Call

The Issuer may, on giving not less than 30 nor more than 60 days' irrevocable notice to the Securityholders, the Agents and the Trustee, redeem all (and not some only) of the Securities on 24 May 2024 or any Distribution Payment Date thereafter. Any such redemption of Securities shall be at their principal amount (together with Distributions (including any Arrears of Distribution and any Additional Distribution Amount) accrued to (but excluding) the date fixed for redemption).

Coupon Step

The rate of distribution (the "Distribution Rate") applicable to the Securities shall be:

(i) in respect of the period from (and including) the Issue Date to (but excluding) the First Reset Date, 4.48 per cent. per annum;

(ii) in respect of the period from (and including) the First Reset Date to (but excluding) the Step-Up Date, the applicable Reset Distribution Rate; and

(iii) in respect of the period from (and including) the Step-Up Date and each Reset Date falling thereafter to (but excluding) the immediately following Reset Date, the applicable Reset Distribution Rate,

Provided always that in the event that a Change of Control Event (as defined below) has occurred, if the Issuer has not redeemed the Securities within 60 days of the occurrence of a Change of Control Event in accordance with Condition 6(f), the then prevailing Distribution Rate shall be increased by the Change of Control Margin (as defined below) with effect from (and including) the Distribution Payment Date immediately following the date on which the Change of Control Event occurred (or, if the Change of Control Event occurs on or after the date which is two business days prior to the immediately following Distribution Payment Date, the next following Distribution Payment Date).

First Reset Date: 24 May 2024

Step-Up Date: 24 May 2029

Step-Up Margin: One per cent. per annum

Change Control Call

The Securities may be redeemed at the option of the Issuer in whole, but not in part, at any time, on giving not less than 30 nor more than 60 days' notice to the Securityholders, the Agents and the Trustee (which notice shall be irrevocable), at their principal amount (together with Distributions (including any Arrears of Distribution and any Additional Distribution Amount) accrued to (but excluding) the date fixed for redemption), following the occurrence of a Change of Control Event. For the purposes of these Conditions:

"Change of Control Event" means:

(i) any Person or Persons (acting together with its related corporations) (other than 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 (ii) 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) (other than 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;

"Control" means: (i) the ownership or control of more than 50 per cent. of the voting rights of the issued share capital of the Issuer; or (ii) 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;

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