ABSA Bank Limited Launches “ASC033” Floating Rate Notes, Offering Attractive Returns to Investors

  • ABSA Bank Limited's "ASC033" Floating Rate Notes receive listing approval from The JSE Limited.
  • The notes offer a floating coupon rate of 3 Month JIBAR plus 250 basis points, with a maximum interest rate of 13.3%.
  • Investors can participate in the offering by registering before the specified deadlines, with regular interest payments and a final maturity date of 28 February 2035.
Absa Bank

ABSA Bank Limited, a leading financial institution in South Africa, has secured the green light from The JSE Limited to list its latest financial instrument, the “ASC033” note, under its Master Structured Note Programme Memorandum. This move is poised to expand the bank’s offerings and provide investors with a diverse range of investment options. Interested parties can access the Master Structured Note Programme, along with comprehensive details about the ASC033 note, on the official ABSA Bank Limited website at https://www.absa.africa/absaafrica/investor-relations/debt-investors/.

With a whopping authorised programme size of R80,000,000,000.00, ABSA Bank Limited has issued R57,742,414,012.54 notes, including this tranche, to cater to investor demand. The ASC033 note features the following specifics:

  • Instrument Type: Floating Rate Notes
  • Bond Code: ASC033
  • Nominal Issued: R 100,000,000.00
  • Issue Price: 100%
  • Coupon: 3 Month JIBAR plus 250 basis points (or 2.50%) up to a maximum interest rate of 13.3%
  • Coupon Rate Indicator: Floating
  • Trade Type: Price
  • Final Maturity Date: 28 February 2035
  • Last Day to Register By: 17:00 on 17 February, 20 May, 20 August, and 19 November
  • Books Close Date: 18 February, 21 May, 21 August, and 20 November
  • Interest Payment Date: 28 February, 31 May, 31 August, and 30 November
  • Issue Date: 23 June 2023
  • Interest Determination Date: 23 June 2023 and thereafter each 28 February, 31 May, 31 August, and 30 November
  • Date Convention: Following
  • ISIN No.: ZAG000197096
  • Additional Information: Unsubordinated Unsecured

ABSA Bank Limited’s introduction of the ASC033 note aims to offer investors an enticing investment opportunity through floating rate notes. The coupon rate, initially set at 3 Month JIBAR plus 250 basis points, enables investors to capitalize on potential interest rate fluctuations. Notably, the coupon rate is capped at a maximum interest rate of 13.3%, ensuring attractive returns while maintaining a reasonable risk profile.

To participate in the ASC033 note offering, investors are encouraged to register before the specified last day to register. The interest payment dates align with the end of February, May, August, and November, providing investors with regular income distributions. The note is slated to reach its final maturity on 28 February 2035, presenting investors with a long-term investment horizon.

ABSA Bank Limited has appointed Absa Corporate and Investment Bank, a division of Absa Bank Limited, as the designated debt sponsor for the ASC033 note. This collaboration ensures efficient and dependable management of the note, reinforcing investor confidence.

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