FirstRand Bank Set to Deliver Lucrative Interest Payment on FRS296 Bond

firstrand bank Notes
  • FirstRand Bank Limited announces upcoming interest payment of R 2,318,510.55 on its FRS296 bond with a coupon rate of 2.978%.
  • Bondholders can expect the payment on 14 June 2023.
  • RAND MERCHANT BANK serves as the debt sponsor for this payment.

FirstRand Bank Limited, one of South Africa’s prominent financial institutions, has recently issued an important notice regarding an upcoming interest payment for its FRS296 bond. This announcement carries significant implications for bondholders and highlights the bank’s commitment to meeting its financial obligations.

Scheduled for 14 June 2023, the interest payment is expected to offer crucial financial relief to bondholders invested in the FRS296 bond. The bond, identified by the code FRS296 and the International Securities Identification Number (ISIN) ZAG000184482, has gained considerable popularity among investors due to its attractive coupon rate of 2.978%.

According to the announcement, bondholders will receive a substantial interest amount totaling R 2,318,510.55. This figure has been calculated using a comprehensive formula, IA = ANA * SF * DCF * Max(0, OI – RI) * FX, with OI set at 2.978 and FX at 20.3099. The bank has provided a pricing supplement that outlines the definitions used in this calculation, ensuring transparency and accuracy.

The interest period for this payment spans from 14 March 2023 to 13 June 2023, covering a three-month period in which bondholders have demonstrated their trust in FirstRand Bank Limited. As per standard conventions, the payment will be made on 14 June 2023, following the business day convention.

To facilitate accessibility and provide additional information, FirstRand Bank Limited has shared a URL for investors to access further details on the FRS296 bond and its associated instruments. Interested parties can visit the following webpage:

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