Rate of Interest ................................... The rate of interest applicable to the Notes shall be:(i) at a fixed interest rate for the period from, and including, theIssue Date to, but excluding, 5 November 2019 of 8.50% perannum; and(ii) at a floating interest rate for the period from, and including, 5November 2019 of three-month LIBOR plus 7.3605% perannum.
Redemption at the Option of theCompany.........................................Subject to the Act, prior written approval of the HKMA, all otherapplicable law and regulation and the provisions of the Memorandumand Articles, the Preference Shares may be redeemed at the option ofthe Company in whole, but not in part, on the Dividend Payment Datefalling on 5 November 2019 or thereafter on every Dividend PaymentDate at a redemption price equal to 100% of their liquidationpreference together with accrued and unpaid dividends (which mayinclude the Initial Dividend) for the then current Dividend Period.
5 Nov 2019 之後每季可以以100回收. 假如 5 Nov 2019 call back, 以市價112.5來計, yield to call 係3.84%. Excel 唔提供了, 請學習自行計算.
所以話,淨係識睇yield to maturity 係唔夠, 表面上的到期日係無乜意義，最緊要識睇 call date 同埋計yield to call.
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