Undated senior-note features
Published 1 August 2022, a foreign company issues senior guaranteed undated notes at par, listed on SGX Bonds Market. Fixed annual-rate interest is paid semi-annually in arrears independently of profits. There is no fixed redemption date but issuer redemption options exist. Interest stops at redemption unless principal is improperly withheld/refused on presentation; then prevailing-rate interest accrues until all sums are paid or the specified principal/interest-payment procedure applies.
Debt rights rather than membership
Obligations are direct, unconditional, unsubordinated and unsecured, rank equally among themselves/other unsecured unsubordinated debts, subject in insolvency to creditor law. Holders are not in the member register, cannot attend/vote general meetings and cannot participate in issuer profits. IRAS considers these features together to find debt securities under 43H(4) and QDS Regulations regulation 2; the undated term alone does not make equity.
Interest and source-specific relief references
Interest including withheld-payment accrual is interest on indebtedness. Relief depends on other QDS conditions; the PDF expressly cites concessions under 43H and exemption under 13(1)(a), with footnote conditions 43H/13(2)/13(16) and Regulations. Preserve those source references rather than silently substituting another ruling’s paragraph. Hybrid-instrument guide paragraph 5 covers characterisation, 7/9 issuer deductibility/timing. This does not decide automatic foreign-issuer deduction. Only applicant/transaction is bound; no later-law update is promised.
Official source
This article independently explains the substantive contents of the official PDF, including the relevant conditions, procedures and annexes. The linked document remains the authoritative source for its original wording, and later changes should be checked separately.
Read the official PDF ↗