Bond Factsheet
KNKIB 6.100% Perpetual Corp (MYR)
Kenanga Investment Bank Berhad
Indicative
Full Lot
Bid Price 99.814
Change in Bid Price 0.040
Bid Yield (%) 6.111 %
Change in Bid Yield 0.002
Ask Price 100.364
Change in Ask Price 0.040
Ask Yield (%) 6.007 %
Change in Ask Yield 0.010
Indicative price as of 05 Oct 2026, 3:52pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
Kenanga Investment Bank Berhad
Guarantor
-
Announcement Date
21 May 2026
Issue Date
25 May 2026
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 4.639
Modified Duration
3.903 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
6.100
Coupon Type
Fixed
Annual Coupon Rate
6.100
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
-
ISIN
MYBDZ2600046
CUSIP
DL0124495
Bond Currency
MYR
Total Issue Size
40,500,000
Min. Investment Quantity (Nominal)
MYR 1,000
Incremental Quantity (Nominal)
MYR 1,000
Bond Type
High Yield Corporate
Bond Sector
Financials
Bond Sub Sector
Diversified Financial Services
Issuer Credit Rating (S&P/ Fitch/ MARC/ RAM)
***/ N.R/ A+/ W.R
Bond Credit Rating (S&P/ Fitch/ MARC/ RAM)
***/ N.R/ N.R/ N.R
Shariah Compliant
No
Exchange Listed
No
Loss Absorption
Non-Viability Event: A non-viability event (“Non-Viability Event”) shall be the earlier of the following:
(i) BNM notifies the Issuer in writing that BNM is of the opinion that a write-off is necessary, without which the Issuer or the Issuer Group, as the case may be, would cease to be viable; or
(ii) BNM publicly announces that a decision has been made by BNM or any other federal or state government in Malaysia, to provide a capital injection or equivalent support to the Issuer,without which the Issuer or the Issuer Group, as the case may be, would cease to be viable.
Non Viability Loss Absorption: Upon the occurrence of a Non-Viability Event, BNM shall have the option to require the entire principal outstanding or such portion thereof and all other amount owing under the AT1CS be written off, and if BNM elects to exercise such option, subject to and as of the date of the occurrence of the Non-Viability Event, each of the Noteholders hereby irrevocably waives its rights to receive repayment of the principal amount of the AT1CS and also irrevocably waives its rights to any Periodic Distribution (including Periodic Distribution accrued but unpaid up to the date of the occurrence of a Non-Viability Event).
For the avoidance of doubt, upon the occurrence of a Non-Viability Event, where the Issuer is required by BNM to write-off or convert a portion of all the Additional Tier 1 Instruments of the Issuer which, pursuant to their terms or by operation of law, are capable of written off at that time, the Issuer shall write-off the relevant Additional Tier 1 Instruments, to be followed by the write-off or conversion (if applicable) of the relevant Tier 2 Instruments on a pari passu basis.
A Non-Viability Event shall be deemed to have occurred on the day on which the Issuer received the notification from BNM or on the day the public announcement is made, as the case may be.
Upon the occurrence of a Non-Viability Event, the Issuer is required to give notice to the Noteholders (via the Trustee) and the Credit Rating Agency, if applicable, in accordance with the terms of the AT1CS, that as of the relevant write-off date:
(1) the write-off shall reduce:
(a) the claim of the AT1CS in liquidation. The Noteholders will be automatically deemed to irrevocably waive their right to receive, and no longer have any rights against the Issuer with respect to, any repayment of the aggregate principal amount of the AT1CS written-off;
(b) the amount re-paid when a call option/redemption is exercised pursuant to the exercise of a Call Option (if applicable for the particular tranche of AT1CS), a Regulatory Redemption and/or a Tax Redemption; and
(c) Periodic Distribution payments on the AT1CS; and
(2) the write-off shall be permanent and the whole or part (as the case may be) of the principal amount of the AT1CS will automatically be written-off to zero and the whole or part (as the case may be) of the AT1CS will be cancelled.
The write-off must generate Common Equity Tier 1 Capital (“CET1 Capital”) under the MFRS Accounting Standards and the AT1CS will only receive recognition in Additional Tier 1 Capital up to the level of CET1 Capital generated by a full write-off of the AT1CS.
For avoidance of doubt, such write-off of the AT1CS shall not constitute an Enforcement Event, nor would it trigger cross-default clauses.
Deferral Interest Payment
The Dividend Stopper and the Capital Stopper shall continue to apply, as the case may be, until either (i), (ii) or (iii) below is met:
(i) the Issuer has paid full Periodic Distribution scheduled for two (2) consecutive semi-annual Distribution Payment Dates or four (4) consecutive quarterly Distribution Payment Dates (as the case may be) after the application of the Dividend Stopper and the Capital Stopper;
(ii) the Issuer has irrevocably set aside in a separately designated trust account of the Issuer for payment to the Noteholders, an amount sufficient to provide for the full Periodic Distribution scheduled for two (2) consecutive semi-annual Distribution Payment Dates or four (4) consecutive quarterly Distribution Payment Dates (as the case may be) after the application of the Dividend Stopper and the Capital Stopper and if upon determination of the amount of each of such Periodic Distribution there is a shortfall in the amounts set aside in such separately designated trust account with reference to the amounts so determined, an amount at least equal to such shortfall shall be paid or irrevocably set aside in the same manner; or
(iii) an Optional Distribution (as defined below) has, at the option of the Issuer and subject to BNM’s approval, been paid to all Noteholders equal to, (without duplication of amounts previously paid to the Noteholders) amounts outstanding (if any) on the AT1CS which were scheduled to be paid in the twelve (12) months before the date of payment of the Optional Distribution.
“Optional Distribution” means an amount, equal to any Unpaid Distribution Amount, scheduled to have been paid during the twelve (12) month period immediately preceding the date on which the Issuer shall pay the Optional Distribution.
“Unpaid Distribution Amount” means any Periodic Distribution which is cancelled by the Issuer pursuant to the paragraph entitled “Other terms and conditions – Limitation on Payment”.
Issuer Call
Each tranche of AT1CS may have a callable option, of which the Issuer may, at its option, subject to the approval from BNM and subject further to the Redemption Conditions being satisfied, redeem that tranche of the AT1CS (in whole or in part) prior to their maturity on the Call Date of that tranche at its nominal value (together with any accrued but unpaid interest, under the relevant AT1CS) (“Call Option”).
“Call Date” means, in the case of a tranche of AT1CS, a date falling no earlier than the fifth anniversary of the relevant issue date and any coupon payment date thereafter, to be determined at issuance.
First Call date : 26 May 2031
Additional Note
The Issuer may, at its option, redeem the AT1CS (in whole or in part) at its nominal value (together with accrued but unpaid coupon (if any), under the relevant AT1CS); subject to the Redemption Conditions being satisfied if a Regulatory Event (as defined hereinafter) occurs.
“Regulatory Event” means any time there is more than an insubstantial risk, as determined by the Issuer, that:
(i) the AT1CS (in whole or in part) will, either immediately or with the passage of time or upon the giving of notice or the fulfilment of a condition, no longer qualify as Additional Tier 1 Capital of the Issuer for the purposes of BNM’s capital adequacy requirements or under any applicable regulations; or
(ii) changes in law will make it unlawful to continue performing its obligations under the AT1CS.
Capital Trigger Event: A Capital Trigger Event occurs when the Common Equity Tier 1 Ratio of the Issuer (at the consolidated or entity level) falls below 5.125% (or such other percentage as may be prescribed by the Capital Adequacy Framework).
“Common Equity Tier 1 Ratio” means the common equity tier 1 capital ratio as determined by the CA Framework.
Capital Trigger Event Write Off: Upon the occurrence of a Capital Trigger Event, the entire principal outstanding or such portion thereof and (if any), all other amount owing under the AT1CS shall be written off by the Issuer (without the need for the consent of the Trustee or the Noteholders) such that the effect of such write off, together with the write off or conversion of other relevant Tier 1 instruments which pursuant to their terms or by operation of law, are capable of being converted into equity, or written off at that time, will return the Common Equity Tier 1 Ratio of the Issuer (at the consolidated and entity level), to be at least 5.75%. Such write off of the AT1CS, together with the write off or conversion of other relevant Tier 1 instruments, if any, shall be done on a pro-rata basis.
Each of the Noteholders hereby irrevocably waives its rights to receive repayment of the principal amount of the AT1CS and also irrevocably waives its rights to any coupon (including coupon accrued but unpaid up to the date of the occurrence of a Capital Trigger Event).
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