NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2025 23 BONDS AND NOTES Group Company Note 2025 2024 2025 2024 $’000 $’000 $’000 $’000 Secured 1,073,508 1,254,589 – – Unsecured 2,433,426 2,233,752 2,433,426 2,233,752 21 3,506,934 3,488,341 2,433,426 2,233,752 Secured bonds and notes comprise the following: (i) $26 million [JPY3,000 million] bond as at 31 December 2024, which comprise 1 tranche issued by a subsidiary, that holds a Japan hotel (classified under investment properties) through a TMK structure. The bonds bore interest at 1.50% per annum as at 31 December 2024 and were secured by a guarantee from its intermediate holding company. The bond was redeemed in December 2025. (ii) $82 million [JPY10,000 million] (2024: $86 million [JPY10,000 million]) bonds comprising 2 tranches issued by a subsidiary, which holds a Japan hotel (classified under investment properties) through a TMK structure. The bonds bore interest at 1.20% to 1.86% (2024: 0.46% to 0.85%) per annum as at 31 December 2025. The bondholders, under Article 128 of the Japan Asset Liquidation Law, are under a statutory lien to receive payment of their claims under the bonds prior to other creditors out of the assets of the TMK. The order of priority of such statutory lien shall be immediately after the general statutory liens under the Japan Civil Code. While the assets of the TMK are subject to a statutory preferred right, it is not considered a mortgage under Japan laws. Unless previously redeemed or purchased and cancelled, the bonds are redeemable at their principal amounts on their maturity date in March 2030. (iii) $425 million [JPY51,740 million] (2024: $447 million [JPY51,740 million]) bonds comprising 1 tranche issued by a subsidiary, which indirectly holds Japan investment properties through a TMK structure. The bonds bore interest at 1.03% (2024: 0.78%) per annum as at 31 December 2025. Unless previously redeemed or purchased and cancelled, the bonds are redeemable at their principal amounts on their maturity date in December 2031. (iv) $570 million (2024: $700 million) medium term notes (MTNs) which comprise 3 series (2024: 4 series) of notes issued by a subsidiary as part of a $700 million secured MTN programme established in 2001. The MTNs bore interest at 3.14% to 3.73% (2024: 1.65% to 3.73%) per annum as at 31 December 2025 and are secured by a mortgage over an investment property and property, plant and equipment as well as rental and insurance proceeds to be derived from the said property. Unless previously redeemed or purchased and cancelled, the MTNs are redeemable at their principal amounts on their respective maturity dates from June 2027 to August 2029 (2024: December 2025 to August 2029). Unsecured bonds and notes comprise $2,440 million (2024: $2,240 million) medium term notes (MTNs) which comprise 9 series (2024: 8 series) of notes issued by the Company at various interest rates as part of a $5.0 billion unsecured MTN programme established in 1999. The MTNs bore interest at 2.00% to 4.14% (2024: 2.00% to 4.14%) per annum as at 31 December 2025. Unless previously redeemed or purchased and cancelled, the MTNs are redeemable at their principal amounts on their respective maturity dates from March 2026 to December 2030 (2024: January 2025 to October 2029). 170 | CITY DEVELOPMENTS LIMITED
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