Sukuk Factsheet
CIMBMK 4.750% Perpetual Corp (MYR)
CIMB Group Holdings Berhad
Indicative
Full Lot
Bid Price 100.653
Change in Bid Price 0.056
Bid Yield (%) 4.400 %
Change in Bid Yield 0.030
Ask Price 101.539
Change in Ask Price 0.056
Ask Yield (%) 3.930 %
Change in Ask Yield 0.030
Indicative price as of 30 Oct 2026, 3:57pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Sukuk Issuer
CIMB Group Holdings Berhad
Guarantor
-
Announcement Date
18 Oct 2023
Issue Date
23 Oct 2023
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 1.975
Modified Duration
1.865 @ 30 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
4.750
Distribution Type
Variable
Annual Distribution Rate
4.750
Distribution Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 23 October 2028 and every 5 year thereafter
Reset Rate: prevailing 5-year Malaysia Government Securities + Initial Spread (1.029%)
ISIN
MYBPZ2300252
CUSIP
ZH4662248
Sukuk Currency
MYR
Total Issue Size
400,000,000
Min. Investment Quantity (Nominal)
MYR 1,000
Incremental Quantity (Nominal)
MYR 1,000
Sukuk Type
High Yield Corporate
Sukuk Sector
Financials
Sukuk Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch/ MARC/ RAM)
***/ N.R/ AA+/ AA1
Sukuk Credit Rating (S&P/ Fitch/ MARC/ RAM)
***/ N.R/ N.R/ A1
Shariah Compliant
Yes
Islamic Principle
Sukuk Al Wakala Bel Istithmar
Exchange Listed
No
Loss Absorption
Non-Viability Event
If a Non-Viability Event occurs, the Issuer shall irrevocably, without the need for the consent of the Sukuk Trustee or the holders of Tier 2 Sukuk Wakalah or AT-1 Sukuk Wakalah, write-off the relevant Tier 2 Sukuk Wakalah or AT-1 Sukuk Wakalah (in whole or in part) if so required by BNM at its full discretion.
Such write-off shall not constitute or deemed a default by the Issuer or constitute an Enforcement Event for any purpose whatsoever, nor would it trigger a cross default under any other outstanding Tier 2 Sukuk Wakalah or AT-1 Sukuk Wakalah or any other financial indebtedness of the Issuer.
“Non-Viability Event” means following the occurrence of the following, whichever is earlier:
(i) BNM has notified the Issuer in writing that BNM is of the opinion that a write-off is necessary, without which the Issuer and its subsidiaries (“CIMBGH Group”) would cease to be viable; or
(ii) BNM publicly announces that a decision has been made by BNM, the Malaysia Deposit Insurance Corporation or any other federal or state government in Malaysia, to provide a capital injection or equivalent support to the Issuer, without which the CIMBGH Group would cease to be viable.
Loss Absorption Mechanism
i) Write-off mechanism in the case of a Breach of CET-1 Capital Ratio
Upon a Breach of the CET-1 Capital Ratio, the aggregate amount of AT-1 Sukuk Wakalah to be written-off must be at least the amount required to restore the Issuer’s and its consolidated CET-1 Capital Ratio to at least 5.75% (or such other percentage as may be prescribed by the BNM CAF). If this is not possible, then the full principal value of the AT-1 Sukuk Wakalah will be written-off.
(ii) Write-off mechanism in the case of a Non-Viability Event
Upon the occurrence of a Non-Viability Event, then as of the relevant write-off date:
(i) the write-off shall reduce:
(a) the claim of the Tier 2 Sukuk Wakalah and/or AT-1 Sukuk Wakalah in liquidation. The holders of Tier 2 Sukuk Wakalah and/or the AT-1 Sukukholders will be automatically deemed to irrevocably waive their right to receive, and no longer have any rights against the Issuer with respect to, any payment of the aggregate nominal value of the Tier 2 Sukuk Wakalah and/or AT-1 Sukuk Wakalah written off;
(b) the amount re-paid when a redemption is exercised pursuant to the Optional Redemption, Regulatory Redemption and Tax Redemption; and
(c) the Expected Periodic Distribution Amount payable under the Tier 2 Sukuk Wakalah and AT-1 Sukuk Wakalah; and
(ii) the write-off shall be permanent and the full or part (as the case may be) of the nominal value of the Tier 2 Sukuk Wakalah and AT-1 Sukuk Wakalah will automatically be written-off to zero and the whole or part (as the case may be) of the Tier 2 Sukuk Wakalah and AT-1 Sukuk Wakalah will be cancelled.
Breach of CET-1 Capital Ratio
If the CET-1 Capital Ratio (as determined by the BNM CAF) of the Issuer, at the consolidated or entity level (whichever is applicable), falls below 5.125% (or such other percentage as may be prescribed by the BNM CAF) as determined and confirmed by BNM and/or the Issuer (as the case may be), as of the relevant quarterly reporting date where the quarterly unaudited consolidated financial results of the Issuer are published, announced and made publicly available or in Pillar 3 disclosures, the Issuer shall, without the need for the consent of the Sukuk Trustee or the AT-1 Sukukholders, write-off the AT-1 Sukuk Wakalah (in whole or in part).
Deferral of Distribution
If, on any Periodic Distribution Date, payment of Expected Periodic Distribution Amount scheduled to be made on such date is not made in full by the Issuer as a result of the “Limitation on Payment” paragraph, the Issuer shall not:
(i) declare or pay, any dividends or other distributions in respect of Junior Obligations (or contribute any moneys to a sinking fund for the payment of any dividends or other distributions in respect of any such Junior Obligations);
(ii) declare or pay, any dividends or other distributions in respect of Parity Obligations the terms of which provide that the Issuer is not required to make payments of such dividends or other distributions in respect thereof (or contribute any moneys to a sinking fund for the payment of any dividends or other distributions in respect of any such Parity Obligations);
(iii) redeem, reduce, cancel, buy-back or acquire, any Junior Obligations (or contribute any moneys to a sinking fund for the redemption, capital reduction, buyback or acquisition of any such Junior Obligations); or
(iv) redeem, reduce, cancel, buy-back or acquire, any Parity Obligations the terms of which provide that the Issuer is not required to redeem, reduce, cancel, buyback or acquire such Parity Obligations (or contribute any moneys to a sinking fund for the redemption, capital reduction, buy-back or acquisition of any such Parity Obligations),
in each case, until (a) the next scheduled Periodic Distributions to be paid in respect of such number of consecutive Periodic Distribution periods as shall be equal to or exceed twelve (12) calendar months have been paid in full (or an amount equivalent thereto has been paid, or irrevocably set aside in a separately designated trust account for payment to the AT-1 Sukukholders); or (b) the Issuer is permitted to do so by an extraordinary resolution of the AT-1 Sukukholders.
Issuer Call
The Issuer may, at its option, redeem any Tier 2 Sukuk Wakalah or the AT-1 Sukuk Wakalah on any Optional Redemption Date (as defined below) at the Redemption Amount (as defined below).
“Redemption Amount” means an amount equal to 100% of the nominal value of the Tier 2 Sukuk Wakalah or the AT-1 Sukuk Wakalah, together with all accrued and unpaid Expected Periodic Distribution Amount (if any) (in the case of Tier 2 Sukuk Wakalah) and/or accrued but unpaid and uncancelled Expected Periodic Distribution Amount (if any) relating to the then current Periodic Distribution period (in the case of the AT-1 Sukuk Wakalah) up to (and excluding) the relevant Early Redemption Date (s).
Optional Redemption Date : The Sustainability AT-1 Sukuk Wakalah are redeemable on Dale the fifth anniversary date from the Issue Date and on any Periodic Distribution Date thereafter, with the first Optional Redemption Date of the Sustainability AT-1 Sukuk Wakalah falling on 23 October 2028.
Additional Note
If any Tranche of the Tier 2 Sukuk Wakalah or the AT-1 Sukuk Wakalah (in whole or in part), either immediately or with the passage of time or upon either giving of notice by the relevant authority or the fulfilment of a condition, no longer qualify as Tier- 2 capital (for Tier 2 Sukuk Wakalah) or the Additional Tier- 1 capital (for AT-1 Sukuk Wakalah) of the Issuer for the purposes of BNM’s capital adequacy requirements or any other regulations applicable to the Issuer, the Issuer may, at its option redeem the Tier 2 Sukuk Wakalah or the AT-1 Sukuk Wakalah at the Redemption Amount.
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