| Issuer / Guarantor | CTF Services Limited |
|---|---|
| Size | HKD 2218mn |
| Type | Exchangeable into Shoucheng |
| Leads | UBS, HSBC, BNP Paribas |
| Maturity | 03 Oct 2028 (3 years) |
| Coupon | 0.75% (0.75%) |
| Premium | 5% (5%) |
| Calls | @ 100% from Jan 2026 (0.3 yrs); 120% trigger |
| Puts | 2yrs @ 100% |
| Div protection | Cash passthrough (100%) |
| T/o protection | None |
| CoCo | None |
| Announced | 24 Sep 2025 |