Prelaunch Bond Factsheet
New Issue Announced
SSLINS 02Nov2056 Corp (USD)
Samsung Life Insurance Co., Ltd.
Bond Issuer
Samsung Life Insurance Co., Ltd.
Guarantor
-
Price Guidance
7.000% area
Announcement Date
-
Issue Date
02 Nov 2026
Maturity Date
02 Nov 2056
Years to Maturity
30.040
Issue / Reoffer Price
-
Issue / Reoffer Yield
-
Coupon Type
Variable
Coupon Frequency
Semi Annually
Seniority
Subordinated
Exchange Listed
SGX
ISIN
USY8000FAA04
CUSIP
-
Bond Currency
USD
Issue Size
USD Benchmark
Min. Investment Quantity (Nominal)
USD 200,000
Incremental Quantity (Nominal)
USD 1,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Insurance
Issuer Credit Rating (S&P/ Fitch)
*** / AA
Bond Credit Rating (S&P/ Fitch)
*** / A+
Shariah Compliant
No
Reference Rate
Reset Date: 02 November 2031 and every 5 years thereafter
Reset Rate: Prevailing 5-year US Treasury Rate + the Initial Spread [TBD]
Additional Note
Restrictions in the Case of a Payment Limitation
If, on any Distribution Payment Date, payment of a Distribution scheduled to be paid is not made in full pursuant to Condition 4.6 (Optional cancellation of Distributions) or 4.7 (Mandatory cancellation of Distributions on the occurrence of a Capital Deficiency Event) or otherwise, the Issuer shall not:
(a) declare, pay or make any discretionary dividends, distributions or other payments on, and will procure that no discretionary dividend, distribution or other payment is declared, paid or made on, any of its Junior Obligations or its Parity Obligations save that such restriction shall not apply to payments in respect of an employee benefit plan or similar arrangement with or for the benefit of employees, officers, directors or consultants; or
(b) redeem, reduce, cancel, buy-back or acquire for any consideration on a discretionary basis any of its Junior Obligations or its Parity Obligations (except, in relation to Parity Obligations, where such redemption, reduction, cancellation or buy-back is made on a pro rata basis with a pro rata purchase by the Issuer of Securities), save that such restriction shall not apply to an exchange of any of its Parity Obligations for Junior Obligations or a repurchase or other acquisition of any securities in respect of an employee benefit plan or similar arrangement with or for the benefit of employees, officers, directors or consultants, in each case, until the next following Distribution Payment Date on which the Issuer pays in full the Distribution scheduled to be paid on such Distribution Payment Date.
Redemption for Regulatory Event
Subject to the satisfaction of the Optional Redemption and Purchase Conditions and upon the occurrence of the Regulatory Event, the Issuer may, at any time upon giving a notice of redemption, redeem the Securities, in whole but not in part, at the Optional Redemption Price.
‘‘Regulatory Event’’ means that, where the Securities have been recognized as regulatory capital of the Issuer in the FSC’s calculation of the Issuer’s regulatory capital ratios and, at a subsequent time, due to a change of law, regulation or interpretation thereof, which change becomes effective (or in the case of a change in the application or official interpretation, occurs or is being announced) after the Issue Date, there is more than an insubstantial risk that the Securities would not, or would no longer, be eligible, in whole or in part, to be included within the regulatory capital of the Issuer.
Gross-Up Event redemption
Subject to the satisfaction of the Optional Redemption and Purchase Conditions, if a Gross-Up Event has occurred and is continuing, the Issuer may, at any time upon giving not less than 30 days’ notice to the Securityholders in accordance with Condition 11 and to the Fiscal Agent, redeem the Securities, in whole but not in part, at the Optional Redemption Price.
Deferral Interest Payment
Unless a Compulsory Distribution Payment Event has occurred, the Issuer may elect to cancel, in whole but not in part, payment of any Distribution otherwise scheduled to be paid on a Distribution Payment Date by giving notice to the Securityholders and the Fiscal Agent, as set forth in Condition 4.6 (Optional cancellation of Distributions).
A ‘‘Compulsory Distribution Payment Event’’ will occur if, during the 12-month period ending on the tenth Business Day prior to such Distribution Payment Date, the Issuer has declared, paid or made any dividend, distribution or other payment in respect of, or redeemed or purchased, any Junior Obligations or Parity Obligations (other than any such payment, redemption or purchase that is mandatory pursuant to the terms thereof).
Mandatory Cancellation of Distributions
Notwithstanding that a notice of an optional cancellation may not have been given, if a Capital Deficiency Event subsists as at the tenth Business Day prior to any Distribution Payment Date, any Distribution which has accrued for the relevant Distribution Period will not be due or payable on such Distribution Payment Date and payment of such Distribution will be mandatorily cancelled, in whole but not in part. The Issuer will give notice of the cancellation of a Distribution to the Securityholders in accordance with Condition 11 and to the Fiscal Agent, as further described in Condition 4.7 (Mandatory cancellation of Distributions on the occurrence of a Capital Deficiency Event).
‘‘Capital Deficiency Event’’ means, as at the relevant date, (x) the Issuer being designated as an ‘‘insolvent financial institution’’ under subparagraph 2 of Article 2 of the Act on the Structural Improvement of the Financial Industry, as amended or modified from time to time (the ‘‘ASIFI’’), or (y) either a ‘‘management improvement recommendation,’’ a ‘‘management improvement requirement’’ or a ‘‘management improvement order’’ has been issued by the FSC against the Issuer under Articles 7-17, 7-18 and 7-19 of the Regulation on Supervision of Insurance Business (the ‘‘RSIB’’), respectively, or an ‘‘emergency measure’’ is imposed by the FSC against the Issuer under Article 7-43 of the RSIB, as amended or modified from time to time.
Distributions Non-Cumulative
Distributions are non-cumulative. If the Issuer elects not to pay a Distribution in accordance with Condition 4.6 (Optional cancellation of Distributions), or is required not to pay a Distribution in accordance with Condition 4.7 (Mandatory cancellation of Distributions on the occurrence of a Capital Deficiency Event), such Distribution will not be due and payable on the relevant Distribution Payment Date and shall not accumulate or be payable at any time thereafter. If any Distribution is not paid on a Distribution Payment Date pursuant to and in accordance with Condition 4.6 or 4.7, the right of Securityholders to receive such Distribution not paid will be lost, and the Issuer will have no obligation to pay such Distribution, whether or not any amount of Distribution is paid for any future Distribution Period and the failure to pay such Distribution shall not constitute a default by the Issuer for any purpose.
Issuer Call
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