FirstRand Bank Limited released important details regarding upcoming interest payments on its bonds. This notification is directed towards noteholders and investors, outlining key information about the interest payments scheduled for the third quarter of 2023.
FirstRand Bank Limited has informed noteholders of the following interest payment dates and amounts:
Interest Payment Due on 11 September 2023:
| Bond Code | ISIN | Coupon | Interest Amount Due | Interest Period | Payment Date | Date Convention |
|---|---|---|---|---|---|---|
| FRJ25 | ZAG000124256 | 10.483% | R 149,781,104.00 | 9 June 2023 to 10 September 2023 | 11 September 2023 | Following Business Day |
Interest Payments Due on 22 September 2023:
| Bond Code | ISIN | Coupon | Interest Amount Due | Interest Period | Payment Date | Date Convention |
|---|---|---|---|---|---|---|
| FRJ28 | ZAG000177205 | 9.942% | R 80,340,076.27 | – | 22 September 2023 | Following Business Day |
| FRJ31 | ZAG000177213 | 10.032% | R 8,622,572.71 | 22 June 2023 to 21 September 2023 | 22 September 2023 | Following Business Day |
Interest Payments Due on 26 September 2023:
| Bond Code | ISIN | Coupon | Interest Amount Due | Interest Period | Payment Date | Date Convention |
|---|---|---|---|---|---|---|
| FRJ30 | ZAG000194713 | 9.912% | R 30,700,043.84 | – | 26 September 2023 | Following Business Day |
| FRJ33 | ZAG000194721 | 10.012% | R 13,420,194.52 | 23 June 2023 to 25 September 2023 | 26 September 2023 | Following Business Day |
These interest payments represent an important financial obligation for FirstRand Bank and a significant source of income for noteholders. It’s crucial for bondholders to mark their calendars and ensure they receive their expected returns on these specified dates.
Interest payments, often referred to as coupon payments, are periodic payments made by a bond issuer to bondholders as compensation for lending their money to the issuer. In this case, FirstRand Bank is making these payments to bondholders who hold the specified bonds (FRJ25, FRJ28, FRJ30, FRJ31, FRJ33).
Each bond has a specific coupon rate, which is the annual interest rate stated as a percentage of the bond’s face value. The coupon rate determines the amount of interest the bondholder will receive. Note the varying coupon rates for the bonds listed:
Bondholders can calculate their interest income by multiplying the face value of their bonds by the respective coupon rate.
For bondholders, these interest payments represent a predictable source of income, which can be especially valuable for individuals and institutions that rely on fixed returns from their investments. These payments contribute to the overall return on investment for bondholders.
On the issuer’s side, FirstRand Bank’s ability to meet its interest payment obligations is a key indicator of its financial health and stability. Timely and consistent interest payments demonstrate the bank’s commitment to its financial obligations.
FirstRand Bank’s announcement of upcoming interest payments is a critical piece of information for bondholders and investors alike. It ensures that both parties are well-prepared for these financial transactions, helping to maintain the bank’s reputation for reliability and transparency in the South African financial market. Bondholders are encouraged to mark these dates on their calendars to ensure they receive their expected returns without delay.
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