Nedbank Limited has been granted approval by the JSE Limited to list new financial instruments under its Structured Note Programme. The listings, consisting of three instruments, namely NN231, NN232, and NN233, offer investors a range of attractive features and investment opportunities.
NN231, the first instrument, has an authorized program size of R30,000,000,000.00. Following the issuance, the total amount in issue will be R19,720,975,087.00. This financial instrument is a combined floating and fixed-rate credit-linked offering, identified by the bond code NN231. With a nominal issued amount of R50,000,000.00, it will be priced at 100% of the issue price. Investors can expect a floating coupon rate of 3-month JIBAR as at 30 June 2023 plus a margin of 3.00%, while the fixed coupon rate will be set at 10.35% from 31 March 2026 to 31 March 2032. The trade type is defined as price, and the final maturity date is scheduled for 31 March 2032. Books close dates and interest payment dates are specified separately for the floating and fixed coupons, with different schedules in effect until their respective dates. Investors must register by 17:00 on the specified dates until 31 March 2026. The issuance of NN231 is slated for 30 June 2023.
NN232, the second instrument, shares similarities with NN231. It boasts an authorized program size of R30,000,000,000.00, with a total amount in issue of R19,770,975,087.00. Like NN231, NN232 is a combined floating and fixed-rate credit-linked instrument and carries the bond code NN232. The nominal issued amount stands at R50,000,000.00, priced at 100% of the issue price. The floating coupon rate will be based on the 3-month JIBAR as at 30 June 2023 plus a margin of 2.50%, while the fixed coupon rate will be set at 11.25% from 28 February 2028 to 28 February 2035. The trade type is price, and the final maturity date is 28 February 2035. As with NN231, books close dates and interest payment dates are specified separately for the floating and fixed coupons, with different schedules in effect until their respective dates. Investors must register by 17:00 on the specified dates until 28 February 2035. NN232 is also scheduled for issuance on 30 June 2023.
The third instrument, NN233, deviates from the combined floating and fixed-rate structure. It is a floating-rate instrument with an authorized program size of R30,000,000,000.00 and a total amount in issue of R19,902,996,999.00 following this issuance. NN233 is identified by the bond code NN233 and carries a nominal issued amount of R132,021,912.00, priced at 100% of the issue price. Investors can expect a coupon rate determined by a margin of 17.94% minus the 3-month JIBAR as at 30 June 2023. The trade type is price, and the final maturity date is set for 30 June 2025. Books close dates and interest payment dates are specified, and investors must register by 17:00 on the specified dates until the final maturity date. The interest commencement date for NN233 is 30 June 2023, and the first interest payment is scheduled for 1 September 2023.
