Perpetual Bonds

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Perpetual Bonds

Bonds without maturity, usually look out for any early redemption clauses and whether the level of coupons will be reset.

Issuer
發行公司
Securities / Coupon / Maturity
證券名稱/票息/到期日
Currency
幣別
Risk
風險
Rating
債券評等
Lenovo Group
聯想集團
LENOVO 5 3/8 PERPUSD
美元
Very High
極高
NA
未評等 
Yangtze River Infrastructure Ranch
長江基建
CKINF 4.85 PERPUSD
美元
Very High
極高
BBB+

Main Risks

Perpetual bonds have additional risks and complex characteristics including (but not limited to) the following:

  • Perpetual bonds (Perp): Bonds have no maturity date, and generally watch out for any early redemption clauses.
  • Floating rate coupon can be reset (change): coupon can be reset on reset date, based on benchmark (such as LIBOR or Treasury rate) + fixed credit spread.
  • Coupons can be deferred (accumulative or non-cumulative): is a common feature in perpetual bonds, while the bank's Contingent Convertible Bonds (CoCo) coupons must be deferrable and non-cumulative.

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