Sukuk Factsheet
DRBHMK 6.750% Perpetual Corp (MYR) - Series 2
DRB-HICOM Berhad
Indicative
Full Lot
Bid Price 102.788
Change in Bid Price 0.002
Bid Yield (%) 5.150 %
Change in Bid Yield 0.001
Ask Price 103.724
Change in Ask Price 0.003
Ask Yield (%) 4.627 %
Change in Ask Yield 0.002
Indicative price as of 14 Oct 2026, 3:54pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Sukuk Issuer
DRB-HICOM Berhad
Guarantor
-
Announcement Date
22 Aug 2023
Issue Date
24 Aug 2023
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 1.859
Modified Duration
1.721 @ 14 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
6.750
Distribution Type
Variable
Annual Distribution Rate
6.750
Distribution Frequency
Semi Annually
Seniority
Subordinated
Reference Rate
Reset Date: 24 Aug 2028 and every 5 year thereafter
Reset Rate: 5 Year Malaysia Govt Bond Yield + Initial Credit Spread (3.151%) + Step Up (one time step- up 1.00%)
ISIN
MYBPZ2300187
CUSIP
ZI5111466
Sukuk Currency
MYR
Total Issue Size
200,000,000
Min. Investment Quantity (Nominal)
MYR 1,000
Incremental Quantity (Nominal)
MYR 1,000
Sukuk Type
High Yield Corporate
Sukuk Sector
Consumer Discretionary
Sukuk Sub Sector
Auto Components
Issuer Credit Rating (S&P/ Fitch/ MARC)
***/ N.R/ AA-
Sukuk Credit Rating (S&P/ Fitch/ MARC)
***/ N.R/ A
Shariah Compliant
Yes
Islamic Principle
Sukuk Al Musharakah
Exchange Listed
No
Deferral of Distribution
The Issuer may give, not less than five (5) business days before the relevant Periodic Distribution Date:-
(1) the Musawamah Investment Notice in writing to the Facility Agent and the Trustee (for and on behalf of the Sukukholders) that part or all of the Periodic Distribution Amount on such Periodic Distribution Date will be invested in the Commodities via a Musawamah Transaction upon the Issuer exercising the Musawamah Undertaking;
(2) the Deferral Notice in writing to the Facility Agent and the Trustee (for and on behalf of the Sukukholders) that part or all of the Musawamah Sale Price and/or the Balance Exercise Price will be further deferred,
provided that within the period of six (6) months prior to the relevant Periodic Distribution Date:-
(a) no dividend, distribution or other payment has been paid or declared by the Issuer in respect of any of the Issuer’s Junior Obligations or Parity Obligations (except on a pro-rata basis); and
(b) none of the Issuer’s Junior Obligations or Parity Obligations (except on a pro-rata basis) has been redeemed, reduced, cancelled, bought-back or acquired by the Issuer,
in each case, other than in connection with any employee benefit plan or similar arrangements with or for the benefit of employees, officers, directors or consultants.
Dividend and Capital Stopper
So long as any Musawamah Sale Price and/or any Balance Exercise Price is outstanding, the Issuer shall not:-
(1) declare or pay any dividends, payments or other distributions on any of its Junior Obligations or its Parity Obligations (except on a pro-rata basis); or
(2) redeem, reduce, cancel, buy-back or acquire any of its Junior Obligations or its Parity Obligations (except on a pro-rata basis),
in each case, other than in connection with any employee benefit plan or similar arrangements with or for the benefit of employees, officers, directors or consultants, until it has paid the outstanding Musawamah Sale Price and/or the outstanding Balance Exercise Price (if any) in full.
Dividend and Capital Pusher
Payment by the Issuer of any outstanding Periodic Distribution Amount and/or Musawamah Sale Price and/or Balance Exercise Price (if any) will be mandatory (regardless of the Optional Deferral of Distribution) within one (1) month from any date:-
(1) if the Issuer has on such date declared or paid any dividends, payments or other distributions on any of its Junior Obligations or Parity Obligations (except on a pro-rata basis); or
(2) if the Issuer has on such date redeemed, reduced, cancelled, bought-back or acquired any of its Junior Obligations or Parity Obligations (except on a pro-rata basis),
in each case, other than in connection with any employee benefit plan or similar arrangements with or for the benefit
Issuer Call
The Issuer may, at its option, redeem all or part of the Sukuk Musharakah (on a pro-rata basis) at the relevant Exercise Price on any Call Date.
The Issuer shall give not less than thirty (30) days’ and not more than sixty (60) days’ prior written notice (which notice shall be irrevocable) to the Trustee (for and on behalf of the Sukukholders) for the Optional Redemption.
First Call Date: 24 August 2028, being the 5th anniversary from the Issue Date
Rating Event Redemption
If at any time a Rating Event has occurred and is continuing and the relevant rating agency has delivered a written confirmation that a Rating Event has occurred, the Issuer may, at its option, redeem the Sukuk Musharakah (in whole, but not in part) at the Exercise Price. The Issuer shall give not less than thirty (30) days’ and not more than sixty (60) days’ prior written notice (which notice shall be irrevocable) to the Trustee (for and on behalf of the Sukukholders) for the Rating Event Redemption.
Rating Event : If, as a result of any amendment, clarification or change in the rating methodology by the relevant rating agency that results in a lower equity credit for the relevant tranche of the Sukuk Musharakah, as compared to the equity credit which was first assigned on the relevant issue date by the relevant rating agency or, if equity credit is not assigned on the relevant issue date, at the date when equity credit is assigned for the first time, a Rating Event shall be deemed to have occurred.
Distribution Rate Step Up
The Periodic Distribution Rate shall be determined upfront on the basis of:
(1) a fixed Periodic Distribution Rate (subject to Stepped-Up Distribution Rate under item 2 (y)(iii) below);
OR
(2) the sum of an initial credit spread (subject to Stepped-Up Distribution Rate under item 2 (y)(iii) below) plus a Benchmark Rate, where the Benchmark Rate will be reset on the reset date(s), to be determined prior to each issuance of the Sukuk Musharakah.
“Benchmark Rate” means the rate in per cent per annum equal to the relevant Malaysian Government Securities (“MGS”) rate for a tenure corresponding to the period between the issue date up to the First Call Date (as defined in item 2(y)(ii) below), which is used as a basis of determining the relevant expected Periodic Distribution Rate of the relevant tranche of the Sukuk Musharakah, to be determined prior to each issuance of the Sukuk Musharakah.
Stepped-Up Distribution Rate
The rate(s), if any, to be determined before the issuance of the Sukuk Musharakah, of a certain percentage above the prevailing expected Periodic Distribution Rate on the relevant Sukuk Musharakah, commencing from such Distribution Stepped-Up Date.
“Distribution Stepped-Up Date” refers to the date where such applicable Stepped-Up Distribution Rate applies to the Sukuk Musharakah, as determined prior to each issuance of the Sukuk Musharakah.
Distribution Stepped-Up Date: Stepped-Up Date: 5th anniversary of the Issue Date
Subsequent Periodic Distribution Rate : The prevailing 5-year Malaysian Government Securities rate plus the Credit Spread plus 1.00%
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