Equity-Linked Notes Product Catalogue 1
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Contents Page Number Overview 4 Issuers, Currencies, Tenors Description of Notes and Illustrations 5 29 Equity Linked Note (ELN) 5 8 Knock-Out Equity Linked Note (KOELN) 9 12 Reverse Equity-Linked Note (RELN) 13 16 Fixed Coupon Note (FCN) 17 23 Bonus Enhanced Note (BEN) 24 29 3
Overview This Product Catalogue contains information on OCBC Securities Private Limited s (OSPL s) Equity- Linked Notes. All terms of the Notes may be customised by an investor upon request. Please check with your Trading Representative (TR) if you have any queries. Alternatively, you can contact our Customer Service at 1800 338 8688 or through email to cs@ocbcsec.com. Only Accredited Investors are eligible to trade in Equity-Linked Notes. For more information on Accredited Investors, please click here. Available Issuers This list will be expanded as OSPL increases the issuers we work with. OCBC Bank Societe Generale BNP Paribas Commerzbank Royal Bank of Canada Available Currencies, USD, EUR, GBP, CHF, JPY, HKD, CAD, AUD Available Tenors 1-12 months. Typical tenors for ELNs, KOELNs and RELNs are 1-3 months, FCNs are 3-6 months, BENs are 6-12 months. 4
Equity Linked Note (ELN) Market View An Equity-Linked Note is designed for clients with a stable or moderately bullish market outlook Description An Equity-Linked Note is issued at a discount to the Principal Amount The difference between the amount investors pay and the amount received at maturity is the investor s profit, and is reflected in the annualised yield If at the underlying stock price remains above or equal to the Strike Price at inception, investors receive 100% of the Principal Amount at maturity If the underlying stock performs below the Strike Price, investors are exposed to the stock s negative performance 5
Equity Linked Note (ELN) Benefits Enjoy higher returns than a direct investment in the underlying stock, in the event that the stock price trades sideways Buy the underlying stock at a discount to market price at inception Risks* ELNs are not principal protected Gains are limited to the yield of the ELN Investors are exposed to credit risk of the issuer and the market movement of the underlying stock If underlying stock and ELN are in different currencies, investors are exposed to FX risk in the event of conversion *Not exhaustive. Please consult the respective offer documents and term sheets for the risk factors 6
How does an Equity-Linked Note (ELN) work? Trade Choose your Stock, Strike price Place your order with Products Desk Settlement Client pays a discount to Principal Amount Principal Amount: Cash or Shares? Products Group sends your TR a daily list of stock names and yields. Please contact your TR for that list. We are able to customise terms and stocks to suit your needs. 1 2 If the stock price closes AT or ABOVE its Strike Price on, client gets back Principal Amount in cash If the stock price closes below its Strike Price on, client gets back Principal Amount in shares Client pays a discount to Principal Amount and gets back 100% of Principal Amount on Maturity. The difference is the client s profit, and is reflected in the quoted annualised yield. Pick the stock you like, at the price you don t mind collecting (the strike price). Customise your own stock, tenor & strike price. 7
How does an ELN work? Example COUNTER Singpost Trade Settlement Issue Maturity Spot Price Strike Price (97% of Spot Price) 1.45 1.4065 Client decides on stock, price levels Client pays 198,080 (99.04% of Note Price) Client receives 200,000 ( 1 ) or 142,196 Singpost shares ( 2 ) Principal Amount Client pays 200,000 198,080 Yield pa 11.16% 1.47 1.45 1.43 1.41 1.39 Trade 1.43 1.4065 1 Stock Price Strike Price Condition: Singpost closes at or above strike on. Outcome: Client gets cash Trade 21 Nov 2016 Settlement 25 Nov 2016 Issue 28 Nov 2016 27 Dec 2016 1.47 1.45 1.43 1.41 1.39 Trade Stock Price 1.4065 Strike Price 1.39 2 Condition: Singpost closes below strike on. Condition: Client gets shares 8
Knock-Out Equity Linked Note (KOELN) Market View A Knock-Out Equity-Linked Note is designed for clients with a stable or moderately bullish market outlook Description A Knock-Out Equity-Linked Note is issued at a discount to the Principal Amount The difference between the amount investors pay and the amount received at maturity, or earlier if Knocked Out, is the investor s profit, and is reflected in the annualised yield If at the underlying stock price remains above or equal to the Strike Price at inception, investors receive 100% of the Principal Amount at maturity If the underlying stock price trades at or above the Knock-Out Price, investors will receive 100% of the Principal Amount early If the underlying stock performs below the Strike Price, investors are exposed to the stock s negative performance 9
Knock-Out Equity Linked Note (KOELN) Benefits Enjoy higher returns than a direct investment in the underlying stock, in the event that the stock price trades sideways Chance to realise profits early in the event market is bullish Chance to buy the underlying stock at a discount to market price Risks* KOELNs are not principal protected Gains are limited to the yield of the KOELN Investors are exposed to credit risk of the issuer and the market movement of the underlying stock *Not exhaustive. Please consult the respective offer documents and term sheets for the risk factors 10
How does a KOELN work? 1 Anytime from Trade Initiation to If stock trades AT or ABOVE Knock-Out Price, client gets back Principal Amount in cash on Issue + 4 or Knock Out + 4, whichever is later Trade Choose your Stock, Strike Price, Knock- Out Price Settlement Client pays a discount to Principal Amount, if Knock-Out has not occurred Principal Amount: Cash or Shares? Products Group sends your TR a daily list of stock names and yields. Please contact your TR for that list. We are able to customise terms and stocks to suit your needs. 2 3 If the stock price closes AT or ABOVE its Strike Price on, client gets back Principal Amount in cash If the stock price closes below its Strike Price on, client gets back Principal Amount in shares Client pays a discount to Principal and gets back 100% of Principal on Maturity or earlier if there is a Knock-Out. The difference is the client s profit. Pick the stock you like, at the price you don t mind collecting (the strike price). Customise your own stock, tenor & strike price. 11
How does a KOELN work? Example COUNTER Singpost Trade Settlement Issue Maturity Spot Price Strike Price (97% of Spot Price) Knock-Out Price (103% of Spot Price) Principal Amount Client pays 1.45 1.4065 1.5225 200,000 198,080 Yield pa 11.16% Trade 21 Nov 2016 Settlement 25 Nov 2016 Issue 28 Nov 2016 27 Dec 2016 Client decides on stock, price levels 1.49 1.39 Trade 1.49 1.39 Trade 1.49 1.39 Trade Client pays 198,080 (99.04% of Note Price) Singpost trades at 1.495 after client purchases KOELN. Client receives 200,000 and Note ends ( 1 ) 1.495 1.4935 1.4065 Anytime till 1.495 1.43 1.4065 1.4935 1.4065 1.39 Stock Price 1 Stock Price Note is not redeemed early. Client receives 200,000 ( 2 ) or 142,196 Singpost shares ( 3 ) Knock Out Price Strike Price 2 Knock Out Price Strike Price 3 Stock Price Knock-Out Price Strike Price Condition: Singpost trades at or above Knock- Out Price. Outcome: Client gets cash Condition: No Knock-Out, Singpost closes at or above Strike Price on. Outcome: Client gets cash Condition: No Knock-Out, Singpost closes below Strike Price on. Outcome: Client gets shares 12
Reverse Equity Linked Note (RELN) Market View A Reverse Equity-Linked Note is designed for clients with a stable or moderately bearish market outlook Description A Reverse Equity-Linked Note is issued at par If, on, the underlying stock price closes above the Strike Price, investors will receive the Principal Amount in cash, together with an Interest Amount If the underlying stock performs below the Strike Price, investors receive the stock deposited at inception, together with an Interest Amount 13
Reverse Equity Linked Note (RELN) Benefits Unlock more returns from the stock, especially during periods where the stock does not give dividends Sell your shares at a pre-agreed price in the event the market turns bullish Risks* RELNs are not principal protected Gains are limited to the yield of the RELN Investors are exposed to credit risk of the issuer and the market movement of the underlying stock *Not exhaustive. Please consult the respective offer documents and term sheets for the risk factors 14
How does a RELN work? Trade Choose your Stock, Strike price Settlement Client pays Principal Amount Principal Amount: Cash or Shares? Interest Payment Products Group sends your TR a daily list of stock names and yields. Please contact your TR for that list. We are able to customise terms and stocks to suit your needs. Client pays by depositing shares of the underlying as payment. For other ELN types, client has to pay by cash 1 2 If the stock price closes ABOVE its Strike Price on, client gets back Principal + Interest Amount in cash If the stock price closes AT or BELOW its Strike Price on, client gets back Principal in shares + Interest Amount in cash Pick the stock you like, at the price you don t mind selling at (the strike price). Customise your own stock, tenor & strike price. 15
How does a RELN work? Example COUNTER Singpost Trade Settlement Issue Maturity Spot Price Strike Price (105% of Spot Price) 1.45 1.5225 Client Client pays decides on by depositing Client receives 205,537.50 + Stock, Spot 135,000 2027.22 ( 1 ) or and Strike shares of 135,000 Singpost shares + Prices Singpost 2027.22 ( 2 ) Principal Amount 135,000 shares of Singpost 1.54 1.53 1.5225 Client pays Yield pa 10% 135,000 shares of Singpost 1.49 1.44 1 Stock Price Strike Price Singpost closes above strike on. Client gets cash + interest Trade 21 Nov 2016 1.39 Trade Settlement 25 Nov 2016 Issue 28 Nov 2016 Interest Amount: Principal* Strike Price*Yield 27 Dec 2016 2027.22 1.54 1.49 1.44 1.39 Trade 1.5225 1.39 2 Singpost closes below strike on. Stock Price Client gets Strike Price shares + interest 16
Fixed Coupon Note (FCN) Market View A Fixed Coupon Note is designed for clients with a stable or moderately bullish market outlook Description A Fixed Coupon Note is issued at par. Clients receive regular coupon payouts until the Note is redeemed Typical number of underlying stocks range from 2 to 4, typical tenor is 3-12 months If the underlying stocks perform at or above the Knock-Out levels, investors will receive 100% of the principal in cash, together with the latest coupon payment. Knock-In levels act as a safety valve; if underlying stocks never trade below these levels, investors will never receive shares If underlying stocks perform below the Knock-In levels and Strike levels, investors receive the worst performing stock at Final Knock-Out and Knock-In levels may be observed on a monthly or daily basis 17
Fixed Coupon Note (FCN) Benefits Receive regular coupon payouts regardless of outcome Chance to get Knocked Out if markets are bullish and capture upside by reinvesting directly in the market Chance to buy shares of the underlying stocks at Strike Prices, which are typically lower than for ELNs Risks* FCNs are not principal protected Gains are limited to the coupon of the FCN Investors are exposed to credit risk of the issuer and the market movement of the underlying stocks *Not exhaustive. Please consult the respective offer documents and term sheets for the risk factors 18
How does a FCN work? (3 Months, Monthly Knock-Out, Daily Knock-In) Trade Choose your Stocks, Strike levels and Knock-In levels Settlement Client pays Principal Amount 1 and 2 Coupon Payment If No Early Redemption, Note continues Final Principal Amount: Cash or Shares? Coupon Payment Collect FIXED COUPON every month regardless of outcome. Potential for early redemption every month. On 1 or 2, If ALL stock prices close AT or ABOVE their Knock Out prices, client gets back Principal Amount + coupon payment & Note ends. If not, Note continues. Knock-In levels are a safety valve: If closing prices never go below these levels, you will not be delivered shares. See 2 If closing prices go below these levels, you can be delivered shares of the worst performer at strike price. See Pick the stocks you like and don t mind collecting. Customise your own coupon, tenor & price levels. 4 1 2 3 4 If ALL stocks prices close AT or ABOVE their Knock-In prices every day, client gets back Principal Amount + coupon payment. If ANY stock price closes BELOW its Knock-In price during the tenor BUT ALL stock prices close AT or ABOVE their Strike Price on Final, client gets back Principal Amount + coupon payment. If ANY stock price closes BELOW its Knock-In price during the tenor AND closes BELOW its Strike Price on Final, client gets the shares of the worst performer + coupon payment. 19
Fixed Coupon Note (FCN) (Monthly Knock-Out, Daily Knock-In) Example of 1 : Knock-Out occurs, Early Cash Redemption COUNTERS Spot Prices / Knock-Out Prices Strike Prices (95.25% of Spot Prices) Knock-In Prices (85% of Spot Prices) DBS 16.06 15.257 13.651 SING POST (SPOST) 1.47 1.397 1.250 Trade 29 Jul 2016 Issue 12 Aug 2016 s Principal Amount Coupon per month SEMBCORP IND (SCI) 2.89 2.746 2.457 12 Sep 2016, 10 Oct 2016, 8 Nov 2016 200,000 1666.67 Closing prices on 12 Sep Closing prices on 10 Oct 16 15 14 16.06 15.257 13.651 13 Trade 12-Sep 10-Oct 08-Nov 1.4 DBS SPOST SCI Knock-Out Outcome 15.80 1.40 2.40 No 16.06 1.50 2.91 Yes 1.5 1.47 1.397 1.25 1.2 Trade 12-Sep 10-Oct 08-Nov Client receives 1666.67, Note continues to 10 Oct Client receives 200,000 + 1666.67, Note is redeemed 1 DBS Stock Price DBS Knock Out Price DBS Strike Price DBS Knock-In Price 1 SPOST Stock Price SPOST Knock Out Price SPOST Strike Price SPOST Knock-In Price Return per month Total Coupon, if no Early Redemption 0.8333% 5,000 Yield pa 10% 2.8 2.91 2.89 2.746 2.457 2.3 Trade 12-Sep 10-Oct 08-Nov 1 SCI Stock Price SCI Knock Out Price SCI Strike Price SCI Knock-In Price 20
Fixed Coupon Note (FCN) (Monthly Knock-Out, Daily Knock-In) Example of 2 : No Knock-In, Cash Redemption at Maturity COUNTERS DBS SING POST (SPOST) SEMBCORP IND (SCI) DBS SPOST SCI Knock-Out Knock-In Outcome Closing prices on 12 Sep 15.80 1.38 2.48 No No Client receives 1666.67, Note continues to 10 Oct Spot Prices / Knock-Out Prices 16.06 1.47 2.89 Closing prices on 10 Oct 15.00 1.42 2.49 No No Client receives 1666.67, Note continues to 08 Nov Strike Prices (95.25% of Spot Prices) Knock-In Prices (85% of Spot Prices) 15.257 13.651 1.397 1.250 2.746 2.457 Closing prices on 08 Nov 14.00 1.43 2.55 No No Lowest closing prices on any trading day 14.00 1.38 2.48 No No Client receives 1666.67 and 200,000 Trade 29 Jul 2016 Issue 12 Aug 2016 s 12 Sep 2016, 10 Oct 2016, 8 Nov 2016 16 15 16.06 15.257 14 14 13.651 13 Trade 12-Sep 10-Oct 08-Nov 2 DBS Stock Price DBS Knock Out Price DBS Strike Price DBS Knock-In Price Principal Amount Coupon per month Return per month 200,000 1666.67 0.8333% 1.47 1.43 1.397 1.2 Trade 12-Sep 10-Oct 1.25 08-Nov 2 SPOST Stock Price SPOST Knock Out Price SPOST Strike Price SPOST Knock-In Price Total Coupon, if no Early Redemption 5,000 Yield pa 10% 2.89 2.746 2.55 2.457 2.3 Trade 12-Sep 10-Oct 08-Nov 2 SCI Stock Price SCI Knock Out Price SCI Strike Price SCI Knock-In Price 21
Fixed Coupon Note (FCN) (Monthly Knock-Out, Daily Knock-In) Example of 3 : Knock-In, Cash Redemption at Maturity COUNTERS Spot Prices / Knock-Out Prices Strike Prices (95.25% of Spot Prices) Knock-In Prices (85% of Spot Prices) DBS 16.06 15.257 13.651 SING POST (SPOST) 1.47 1.397 1.250 Trade 29 Jul 2016 Issue 12 Aug 2016 s SEMBCORP IND (SCI) 2.89 2.746 2.457 12 Sep 2016, 10 Oct 2016, 8 Nov 2016 Closing prices on 12 Sep 16 15 DBS SPOST SCI Knock-Out Knock-In Outcome 15.80 1.38 2.40 No No 15.257 16.06 15.5 14 13.651 13 Trade 12-Sep 10-Oct 08-Nov Client receives 1666.67, Note continues to 10 Oct Closing KNOCK-IN, prices on CASH REDEMPTION AT MATURITY: DBS never closes below 13.651, Client receives SPOST never 1666.67, closes Note 15.00 1.42 2.60 No No 10 Oct below 1.25, BUT SCI closes below 2.457 on at least one trading day. Knock-In continues occurs. to Client 08 Nov Closing continues prices to receive 1666.67 every month. On 8 Nov, DBS closes above 15.257, SPOST closes 15.50 1.43 2.77 No No 08 Nov above 1.397, and SCI closes above 2.746. Client receives 200,000 and Knock-In 1666.67 is Yes, on all maturity. stocks above Lowest closing Strike Prices, Client receives prices on any 15.00 1.38 2.40 No Yes 1666.67 and 200,000 trading day 3 DBS Stock Price DBS Knock Out Price DBS Strike Price DBS Knock-In Price Principal Amount Coupon per month Return per month 200,000 1666.67 0.8333% 1.47 1.4 1.43 1.397 1.25 1.2 Trade 12-Sep 10-Oct 08-Nov 3 SPOST Stock Price SPOST Knock Out Price SPOST Strike Price SPOST Knock-In Price Total Coupon, if no Early Redemption 5,000 Yield pa 10% 2.8 Knock-In occurs 2.89 2.746 2.3 Trade 12-Sep 10-Oct 08-Nov 2.77 2.457 3 SCI Stock Price SCI Knock Out Price SCI Strike Price SCI Knock-In Price 22
Fixed Coupon Note (FCN) (Monthly Knock-Out, Daily Knock-In) Example of 4 : Knock-In, Shares Conversion at Maturity COUNTERS DBS SING POST (SPOST) SEMBCORP IND (SCI) Closing prices on 12 Sep DBS SPOST SCI Knock-Out Knock-In Outcome 15.80 1.38 2.40 No No Client receives 1666.67, Note continues to 10 Oct Spot Prices / Knock-Out Prices Strike Prices (95.25% of Spot Prices) Knock-In Prices (85% of Spot Prices) 16.06 15.257 13.651 1.47 1.397 1.250 Trade 29 Jul 2016 Issue 12 Aug 2016 s 2.89 2.746 2.457 12 Sep 2016, 10 Oct 2016, 8 Nov 2016 Closing KNOCK-IN, prices on 10 CASH REDEMPTION AT MATURITY: DBS never closes below 13.651, Client SPOST receives never 1666.67, closes Note 15.00 1.42 2.60 No No Oct continues to 08 Nov below 1.25, BUT SCI closes below 2.457 on at least one trading day. Knock-In occurs. Client Closing continues prices to 08 receive 1666.67 every month. On 8 Nov, DBS closes above 15.257, Knock-In SPOST is Yes, closes worst performer 15.00 1.43 2.77 No No Nov above 1.397, and SCI closes above 2.746. Client receives 200,000 and 1666.67 on 08 Nov is on DBS. maturity. Worst performer is stock which has fallen the most. Lowest closing Client receives 1666.67 and prices on any 15.00 1.38 2.40 No Yes 200,000/15.257= 13,108 shares of trading day DBS 16 15 14 16.06 15.257 DBS is worst performer 15 13.651 13 Trade 12-Sep 10-Oct 08-Nov 4 DBS Stock Price DBS Knock Out Price DBS Strike Price DBS Knock-In Price Principal Amount Coupon per month Return per month 200,000 1666.67 0.8333% 1.4 1.47 1.397 1.43 1.25 1.2 Trade 12-Sep 10-Oct 08-Nov 4 SPOST Stock Price SPOST Knock Out Price SPOST Strike Price SPOST Knock-In Price Total Coupon, if no Early Redemption 5,000 Yield pa 10% 2.8 Knock-In occurs 2.89 2.746 2.3 Trade 12-Sep 10-Oct 08-Nov 2.77 2.457 4 SCI Stock Price SCI Knock Out Price SCI Strike Price SCI Knock-In Price 23
Bonus Enhanced Note (BEN) Market View A Bonus Enhanced Note is designed for investors with a stable or moderately bullish market outlook Description A Bonus Enhanced Note is issued at par There is only one and it occurs at the end of the tenor Typical number of underlying stocks range from 2 to 4, typical tenor is 6-12 months If underlying stocks perform at or above the Strike Prices, investors will receive 100% of the Principal in cash, together with a Bonus Coupon or the gain of the Worst Performer, whichever is higher If underlying stocks perform below the Strike Prices, investors receive shares of the Worst Performer at Final 24
Bonus Enhanced Note (BEN) Benefits Receive a Bonus coupon with no cap, in the event the underlying stock prices are flat or move up Chance to buy shares of the underlying stocks at Strike Prices Risks* BENs are not principal protected Gains are limited to the gains of Worst Performer, if above Strike Prices Investors are exposed to credit risk of the issuer and the market movement of the underlying stocks *Not exhaustive. Please consult the respective offer documents and term sheets for the risk factors 25
How does a BEN work? (2 underlyings) Trade Choose your Stock(s), Strike level, tenor Place your order with Products Desk Settlement Client pays Principal Amount Principal Amount: Cash or Shares? Bonus coupon? For an idea, please refer to the daily indicative lists sent by Products Group. Please contact your TR for the lists. We are able to customise terms and stocks to suit your needs. 2 3 If both stock prices close AT or ABOVE their Strike Prices on, client gets 1 back: Principal Amount + Bonus Coupon OR Principal Amount + gain of Worst Performer, whichever is higher. If either stock price closes below its Strike Price on, client gets back Principal Amount in shares of the Worst Performer. Gain from FLAT or UP markets! At the end of the tenor, if: Underlying stocks are FLAT or UP: Note pays out Bonus Coupon OR gain of Worst Performer, whichever is higher. See 1 2 Underlying stocks are DOWN: Get shares of the Worst Performer at Strike Price. See 3 26
Bonus Enhanced Note (BEN) Example of 1 : Bonus Coupon payout COUNTERS SINGTEL SPH Spot Prices 3.74 3.71 SINGTEL SPH Worst Performer Gain of Worst Performer Is Worst Performer at or above Strike Price? Is gain of Worst Performer higher than Bonus Coupon? Outcome Strike Prices (100% of Spot Prices) 3.74 Trade 11 Nov 2016 3.71 Closing price on 25 May 3.80 3.71 SPH (3.71/3.71)- 1 = 0% Yes No Client receives 200,000 and Bonus Coupon of 30,800 Settlement 24 Nov 2016 Issue 25 Nov 2016 25 May 2017 Principal Amount 200,000 4.00 3.90 3.80 3.70 3.60 3.50 Trade 3.74 25-May 3.80 1 Singtel Stock Price Singtel Strike Price Coupon Amount Bonus Coupon (Flat) 30,800 15.40% 4.00 3.90 3.80 3.70 3.71 1 SPH Stock Price 3.60 3.50 Trade 25-May SPH Strike Price 27
Bonus Enhanced Note (BEN) Example of 2 : Higher Bonus Coupon payout COUNTERS SINGTEL SPH Spot Prices 3.74 3.71 SINGTEL SPH Worst Performer Gain of Worst Performer Is Worst Performer at or above Strike Price? Is gain of Worst Performer higher than Bonus Coupon? Outcome Strike Prices (100% of Spot Prices) 3.74 Trade 11 Nov 2016 3.71 Closing price on 25 May 4.40 4.50 Singtel (4.40/3.74)- 1=17.647% Yes Yes Client receives 200,000 and higher Bonus Coupon of 35,294 (17.647%) Settlement 24 Nov 2016 4.50 4.40 2 Issue 25 Nov 2016 4.00 Singtel Stock Price 25 May 2017 Principal Amount 200,000 3.50 Trade 25-May 3.74 Singtel Strike Price Coupon Amount 30,800 4.50 4.50 2 Bonus Coupon (Flat) 15.40% 4.00 SPH Stock Price 3.50 Trade 25-May 3.71 SPH Strike Price 28
Bonus Enhanced Note (BEN) Example of 3 : Shares Conversion COUNTERS SINGTEL SPH Spot Prices 3.74 3.71 SINGTEL SPH Worst Performer Gain of Worst Performer Is Worst Performer at or above Strike Price? Is gain of Worst Performer higher than Bonus Coupon? Outcome Strike Prices (100% of Spot Prices) 3.74 Trade 11 Nov 2016 3.71 Closing price on 25 May 3.00 3.50 Singtel (3.00/3.74)- 1=-19.786% No No Client receives 200,000/3.74 = 53,475 shares of Singtel Settlement 24 Nov 2016 3.90 3 Issue 25 Nov 2016 3.40 3.74 Singtel Stock Price 25 May 2017 Principal Amount 200,000 2.90 Trade 25-May 3.00 Singtel Strike Price Coupon Amount Bonus Coupon (Flat) 30,800 15.40% 3.90 3.71 3 SPH Stock Price 3.40 Trade 25-May 3.50 SPH Strike Price 29