Investec Bank Announces Conditional Coupon for Autocall Notes

Investec Bank
  • Investec Bank Limited introduces conditional coupon for Autocall Notes linked to underlying indices.
  • Conditions for coupon payment based on closing levels of underlying indices on May 30, 2023.
  • Cash settlement amount set at R130.0000; key dates include last trading date on May 31, 2023.

Investec Bank Limited has made an important announcement regarding its Autocall Notes, revealing the conditions for the accrual of a conditional coupon. The Autocall Notes are associated with underlying indices, namely the S&P 500 Index, FTSE 100 Index, and Euro Stoxx Select Dividend 30 Index. The bank has provided key details and dates for the potential coupon payment, ensuring transparency for investors.

The Autocall Notes issued by Investec Bank are directly linked to the performance of the aforementioned underlying indices. As of the announcement date, the initial index levels for the S&P 500 Index, FTSE 100 Index, and Euro Stoxx Select Dividend 30 Index stand at 4,158.24, 7,585.46, and 1,740.38, respectively.

Investec Bank Limited has assigned an expiry date of 30 May 2028 for these Autocall Notes, and the cover ratio has been set at 1:1, meaning that each Autocall Note corresponds to one unit of the underlying indices. The Autocall Notes are identified by the JSE code “USSIIA” and the ISIN code “ZAE000311395,” facilitating efficient trading and identification.

The bank has introduced a conditional coupon, and its payment is contingent upon specific conditions. To qualify for the coupon, the closing level of each underlying index on 30 May 2023 must exceed the respective initial index level multiplied by 85%. This ensures that investors will receive the coupon if the underlying indices demonstrate substantial growth.

Investec Bank Limited has committed to providing timely updates to the holders of the Autocall Notes regarding the fulfillment of the coupon payment conditions. The bank will make an official announcement on Wednesday, 31 May 2023, by 11:00 a.m., notifying the investors whether the conditions have been met.

If the conditions for the coupon payment are met, Investec Bank has determined that the cash settlement amount will be R130.0000. It is crucial for Autocall Note holders to take note of the last trading date, which is set for Wednesday, 31 May 2023. Following this, the suspension of trading in these Autocall Notes will commence on Thursday, 01 June 2023. The record date has been established as Monday, 05 June 2023, and the payment date is scheduled for Tuesday, 06 June 2023.

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