Factsheet | INCINS 3.100% 20Jul2050 Corp (SGD)


Bond Name		INCINS 3.100% 20Jul2050 Corp (SGD)
Bond Issuer		Income Insurance Limited
Guarantor		-
ISIN		SGXF78097098
CUSIP		BK4977876

Issue Details

Cashflow Analysis


Currency	SGD
Coupon Rate	3.1
Coupon Type	Variable
Coupon Frequency	Semi Annually
Seniority	Subordinated

Issue Date	19 Jul 2020
Issue Price	100.000
Next Call Date	19 Jul 2040
Years to Next Call	14.081
*Call Price	100.000
Maturity Date	19 Jul 2050
Years to Maturity	24.087
^Redemption Price	100.000

Issue Size	SGD	800,000,000
Min Investment Qty	SGD	250,000
Incremental Quantity	SGD	250,000
Issuer Rating (S&P)	***
Issuer Rating (Fitch)	N.R
Bond Rating (S&P)	***
Bond Rating (Fitch)	N.R
Exchange Listed	SGX


*If Called	19 Jul 2040
Date	Coupon Amount	Nominal Amount
19 Jul 2040	3,875.00
19 Jan 2040	3,875.00
19 Jul 2039	3,875.00
19 Jan 2039	3,875.00
19 Jul 2038	3,875.00
19 Jan 2038	3,875.00
19 Jul 2037	3,875.00
19 Jan 2037	3,875.00
19 Jul 2036	3,875.00
19 Jan 2036	3,875.00
19 Jul 2035	3,875.00
19 Jan 2035	3,875.00
19 Jul 2034	3,875.00
19 Jan 2034	3,875.00
19 Jul 2033	3,875.00
19 Jan 2033	3,875.00
19 Jul 2032	3,875.00
19 Jan 2032	3,875.00
19 Jul 2031	3,875.00
19 Jan 2031	3,875.00
19 Jul 2030	3,875.00
19 Jan 2030	3,875.00
19 Jul 2029	3,875.00
19 Jan 2029	3,875.00
19 Jul 2028	3,875.00
19 Jan 2028	3,875.00
19 Jul 2027	3,875.00
19 Jan 2027	3,875.00
19 Jul 2026	3,875.00	250,000.00
Total	112,375.00	250,000.00

^Upon Maturity	19 Jul 2050
Date	Coupon Amount	Nominal Amount
19 Jul 2050	3,875.00
19 Jan 2050	3,875.00
19 Jul 2049	3,875.00
19 Jan 2049	3,875.00
19 Jul 2048	3,875.00
19 Jan 2048	3,875.00
19 Jul 2047	3,875.00
19 Jan 2047	3,875.00
19 Jul 2046	3,875.00
19 Jan 2046	3,875.00
19 Jul 2045	3,875.00
19 Jan 2045	3,875.00
19 Jul 2044	3,875.00
19 Jan 2044	3,875.00
19 Jul 2043	3,875.00
19 Jan 2043	3,875.00
19 Jul 2042	3,875.00
19 Jan 2042	3,875.00
19 Jul 2041	3,875.00
19 Jan 2041	3,875.00
19 Jul 2040	3,875.00
19 Jan 2040	3,875.00
19 Jul 2039	3,875.00
19 Jan 2039	3,875.00
19 Jul 2038	3,875.00
19 Jan 2038	3,875.00
19 Jul 2037	3,875.00
19 Jan 2037	3,875.00
19 Jul 2036	3,875.00
19 Jan 2036	3,875.00
19 Jul 2035	3,875.00
19 Jan 2035	3,875.00
19 Jul 2034	3,875.00
19 Jan 2034	3,875.00
19 Jul 2033	3,875.00
19 Jan 2033	3,875.00
19 Jul 2032	3,875.00
19 Jan 2032	3,875.00
19 Jul 2031	3,875.00
19 Jan 2031	3,875.00
19 Jul 2030	3,875.00
19 Jan 2030	3,875.00
19 Jul 2029	3,875.00
19 Jan 2029	3,875.00
19 Jul 2028	3,875.00
19 Jan 2028	3,875.00
19 Jul 2027	3,875.00
19 Jan 2027	3,875.00
19 Jul 2026	3,875.00	250,000.00
Total	189,875.00	250,000.00

What You Paid

What You Get


Transaction Date		23 Jun 2026
Settlement Date		05 Jul 2026
Nominal Value	SGD	250,000.00
Bond Price	SGD	100.432
Accrued Interest	SGD	3,545.89
Processing Rate		0.35%
Processing Fee (0.35%)	SGD	875.00
GST (9.00%)	SGD	78.75
Processing Fee+GST	SGD	953.75
WAC	SGD	100.814
Total Investment	SGD	255,579.64


*If Called	112,375.00	250,000.00

Total Cashflow	SGD	362,375.00
Net Cash Return	SGD	106,795.36

Indicative Yield to Call		2.810%

^Upon Maturity	189,875.00	250,000.00

Total Cashflow	SGD	439,875.00
Net Cash Return	SGD	184,295.36

Indicative Yield to Maturity		3.182%

Coupon Reset Feature

Reset on the First Call Date (20 July 2040) to the then-prevailing 10-year SGD Swap Offer Rate plus the Initial Margin (2.042%) (no step-up)

Bond Feature(s)

https://secure.fundsupermart.com/fsmone/bonds/factsheet/BK4977876/INCINS-3-100-20Jul2050-Corp-SGD-

Notes:

1) Cash flow calculations are computed based on current coupon rate till next possible call or maturity date. Figures reflected are indicative and subjected to changes in case of any corporate actions.

2) Indicative Yields shown are net of fees.

Bond Information

Income Insurance Limited provides insurance services. The Company offers life, health, travel, and general insurance services to serve the protection, savings, and investment needs. Income Insurance serves individuals, families, and businesses clients in Singapore.

Bond Issuer

Income Insurance Limited

Guarantor

Announcement Date

12 Jul 2020

Issue Date

19 Jul 2020

Maturity Date / Next Call Date

19 Jul 2050 / 19 Jul 2040

Years to Maturity / Next Call

24.087 / 14.081

Issue/Reoffer Price

100.000

Issue/Reoffer Yield

3.100

Coupon Type

Variable

Annual Coupon Rate (%)

3.1

Annual Coupon Frequency

Semi Annually

Seniority

Subordinated

Exchange Listed

SGX

Reference Rate

Reset on the First Call Date (20 July 2040) to the then-prevailing 10-year SGD Swap Offer Rate plus the Initial Margin (2.042%) (no step-up)

ISIN

SGXF78097098

CUSIP

BK4977876

Bond Currency

SGD

Total Issue Size

SGD 800,000,000

Minimum Investment Quantity (Nominal)

SGD 250,000

Incremental Quantity (Nominal)

SGD 250,000

Bond Registration

Wholesale

Bond Type

Corporate

Bond Sector

Financials

Bond Sub Sector

Insurance

Issuer Credit Rating (S&P/ Fitch)

***/N.R

Bond Credit Rating (S&P/ Fitch)

***/N.R

Shariah Compliant

W-8BEN Declaration needed

Bond Feature(s)

Loss Absorption

Tier 2

MAS may exercise resolution powers that are beyond the control of the Issuer As part of the global regulatory response to the risk that systemically important financial institutions could fail, banks and more recently, insurance companies, have been the focus of recovery and resolution planning requirements. Recovery and resolution planning are designed to provide a blueprint for recovery actions to rescue such systemically important financial institutions as a going concern if such institutions face severe financial distress. As a last resort, regulatory authorities may exercise its resolution powers in order to avoid systemic disruption and government bailouts.

In Singapore, the MAS has certain resolution powers over failed financial institutions, financial institutions that are at risk of failure or, financial institutions that have breached regulatory obligations. Such resolution powers can be exercised by the MAS prior to the insolvency of such financial institutions. These resolution powers are set out in the Monetary Authority of Singapore Act (Chapter 186 of Singapore).

The MAS resolution powers currently include, among other things, the power to (i) transfer the whole or part of the business of a financial institution; (ii) order a compulsory transfer of shares of a financial institution; (iii) order a compulsory restructuring of share capital of the institution; and (iv) exercise statutory powers allowing the MAS to temporarily stay early termination rights (including set-off and netting rights) of counterparties to financial contracts entered into with a financial institution over which the MAS may exercise its resolution powers (which would include Singapore licensed insurers). There are also provisions in the MAS Act relating to cross-border recognition of resolution action, creditor safeguards and resolution funding. The statutory bail-in regime currently only applies to Singapore-incorporated bank and Singapore-incorporated bank holding companies, but there can be no assurance that insurance companies will not be subject to such statutory bail-in regime in the future.

MAS has stated that as bail-in involves imposing express losses on creditors and not just delaying contractual rights, it has adopted a more prudent approach of starting with Singapore incorporated banks and Singapore-incorporated bank holding companies. For non-bank financial institutions such as insurance companies, MAS has stated that it will continue to monitor international developments on bail-in regimes. If insurance companies become subject to the statutory bail-in regime in the future, MAS may have resolution powers in respect of the Group, which are beyond the control of the Issuer and the exercise of such resolution powers in respect of the Group may have an adverse effect on the Group’s business, financial condition and results of operations.

Deferred Interest Payment

Optional Deferral

The Issuer may, at its sole discretion, elect not to pay any interest (or to pay only part of an interest, in which case such non-payment will be made on a pro rata basis across all Notes in this Series) which is otherwise scheduled to be paid on an Interest Payment Date by giving notice (such notice, an "Optional Deferral Notice") to the Trustee, the Issuing and Paying Agent and the Noteholders (in accordance with Condition 16) at least 15 Business Days prior to the scheduled Interest Payment Date.

The Issuer may not elect not to pay interest (or to pay only part of an interest) if during the period of six months ending on the day before that scheduled Interest Payment Date, either or both of the following have occurred:

(A) the Issuer has declared or paid any dividends or distributions or other payments on or in respect of any of the Issuer's Junior Obligations (or contributed any monies to a sinking fund for the payment of any dividends or distributions or other payments in respect of any such Junior Obligations); or

(B) the Issuer has redeemed, reduced, cancelled, bought back or acquired any of its Junior Obligations, the terms of which provide that the right to redeem such Junior Obligations is fully at the discretion of the Issuer (or contributed any monies to a sinking fund for the redemption, capital reduction, buy-back or acquisition of any such Junior Obligations),

(each of (i) and (ii) above a "Compulsory Interest Payment Event").

Cumulative Interest

Any interest deferred pursuant to this Condition 5(k) shall constitute "Arrears of Interest". The Issuer may, at its sole discretion, elect to (in the circumstances set out in Condition 5(k)(i)) further defer any Arrears of Interest by complying with the foregoing notice requirement applicable to any deferral of an accrued interest. The Issuer is not subject to any limit as to the number of times interests and Arrears of Interests can or shall be deferred pursuant to this Condition 5(k) except that this Condition 5(k)(iii) shall be complied with until all outstanding Arrears of Interests have been paid in full.

Restrictions in the case of Non-Payment

If on any Interest Payment Date, payments of all interest scheduled to be made on such date are not made in full by reason of this Condition 5(k), the Issuer shall not and shall procure that none of its subsidiaries shall:

(A) declare or pay any dividends or distributions or make any other payments on or in respect of any of the Issuer's Junior Obligations (or contribute any monies to a sinking fund for the payment of any dividends or distributions or other payments in respect of any such Junior Obligations); or

(B) redeem, reduce, cancel, buy-back or acquire for any consideration any of its Junior Obligations, the terms of which provide that the right to redeem such Junior Obligations is fully at the discretion of the Issuer (or contribute any monies to a sinking fund for the redemption, capital reduction, buy-back or acquisition of any such Junior Obligations),

unless and until (1) the Issuer has satisfied in full all outstanding Arrears of Interest, or (2) the Issuer is permitted to do so by an Extraordinary Resolution (as defined in the Trust Deed) of the Noteholders.

Issuer Call

Subject to Condition 6(k), and unless otherwise specified in the applicable Pricing Supplement, if Call Option is specified hereon, the Issuer may, on giving not less than 30 nor more than 60 days' irrevocable notice to the Noteholders (in accordance with Condition 16) and to the Trustee and the Issuing and Paying Agent in writing, elect to redeem all, but not some only, of the Subordinated Notes on the relevant date(s) specified hereon (which shall not be less than five years from the Issue Date) (the "Subordinated Notes Optional Redemption Dates" and together with the Senior Notes Optional Redemption Date, the "Optional Redemption Dates") at their Optional Redemption Amount specified hereon or, if no Optional Redemption Amount is specified hereon, at their nominal amount together with interest accrued but unpaid (if any) to (but excluding) the date fixed for redemption in accordance with these Conditions.

(i) Optional Redemption Date(s): The First Call Date and each Interest Payment Date thereafter

(i) Optional Redemption Amount(s) of each Note and specified denomination method, if any, of calculation of such amount(s): S$250,000 per Calculation Amount

Price History

(Daily prices for the last 3 months), if you wish to view more than 3 months price history you may export the file

DATE	BID PRICE	ASK PRICE	ASK YIELD (CALL)	ASK YIELD (MATURITY)

22 Jun 2026	99.980	100.432	3.062	3.423
21 Jun 2026	99.972	100.427	3.062	3.418
18 Jun 2026	99.974	100.434	3.062	3.406
17 Jun 2026	99.952	100.443	3.061	3.399
16 Jun 2026	100.046	100.520	3.054	3.393
15 Jun 2026	100.008	100.521	3.054	3.402
14 Jun 2026	100.013	100.518	3.054	3.410
11 Jun 2026	99.906	100.429	3.062	3.437
10 Jun 2026	99.811	100.420	3.063	3.444
09 Jun 2026	99.808	100.412	3.064	3.448

Total of 65 entries

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FSM Global strives to ensure the accuracy and relevance of the information provided here. If the information is not up-to-date or erroneous, we appreciate feedback to keep it accurate.

Credit Rating

There are no credit rating changes for this bond for the past 3 years.

Remark

*Processing fee is subjected to a minimum of SGD 10 (or in its equivalent currency).
^ For the purchase of the Retail Bonds, FSM Global will be absorbing SGX related Charges, till further notice.
T = Transaction Date
The Order processing time refers to the order completion and reflected in your account.
^The Purchase date will be based on T date

Platform Charge

For the purpose of benefiting from lower rates based on higher investment holding tiers, the effective platform fee rate is based on the total combined holdings of all FSM accounts under main account holder (including beneficiary accounts), while Stock / ETF / Cash Account holdings are excluded from the combined holdings amount.
Platform fee is charged for funds / bonds investments (excluding CPF holdings). The fee is accrued daily, calculated based on the daily average market value of the total Assets Under Administration (AUA) and deducted on a quarterly basis.

Note

All fees and commission quoted are exclusive of Goods and Services Tax (GST).
Platform fee is charged for funds / bonds investments (excluding CPF holdings). The fee is accrued daily, calculated based on the daily average market value of the total Assets Under Administration (AUA) and deducted on a quarterly basis.

Potential Income Explained

EDIT

Est. Payable Amount

SGD 255,579.64

Years to Call

14 years

Est. Total Income

SGD 112,375.00

2.810%

Indicative Cash Flow

Nominal Value

SGD 250,000.00

2040
Jul
Coupon
SGD 3,875.00
Early Redemption
SGD 250,000.00
Jan
Coupon
SGD 3,875.00
2039
Jul
Coupon
SGD 3,875.00
Jan
Coupon
SGD 3,875.00
2038
Jul
Coupon
SGD 3,875.00

Disclaimer: Cash flow calculations are computed based on current coupon rate till next possible call or maturity date. Figures reflected are indicative and subjected to changes in case of any corporate actions.

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