Standard Bank’s RLN005: Redemption Countdown Begins

  • RLN005 First Interim Redemption: Standard Bank announces the First Interim Redemption of RLN005 Notes, set for October 2, 2023.
  • Payment Details: Holders will receive ZAR 605.00 per Note, including a ZAR 500.00 capital redemption and ZAR 105.00 interest.
  • Key Dates: Last Day to Trade on September 19, 2023, Ex-date on September 20, 2023, and Payment Date on October 2, 2023.
By Lethabo Ntsoane

The Standard Bank of South Africa Limited has made an important announcement regarding the RLN005 Notes. Investors and stakeholders in South Africa are eagerly awaiting the First Interim Redemption, which is set to take place on October 2, 2023.

The RLN005 Notes, with a stock code of RLN005 and ISIN Code ZAE000314910, are entering a significant phase in their lifecycle. The First Interim Period, which began earlier this year, will conclude on September 25, 2023. Due to a 5-day settlement period between the Trade Date and the Issue Date, the First Interim Redemption Amount will be paid on October 2, 2023, applying the same 5-day settlement period between the First Interim Period Maturity Date (September 25, 2023) and the Payment Date of the First Interim Redemption Amount.

Table 1: Key Dates

EventDate
Last Day to TradeSeptember 19, 2023
Ex-dateSeptember 20, 2023
Record DateSeptember 22, 2023
Payment DateOctober 2, 2023

On the Payment Date, Standard Bank will disburse ZAR 605.00 per Note to the holders of RLN005 Notes. It’s important to note that this First Interim Payment Amount includes the repayment of 50% of the capital of the initial purchase price of the Notes. To account for this reduction in the initial capital used to purchase the Notes, the Issuer will reduce the base costs of the Notes, which is the specified denomination of the Notes, to ZAR 500.00 per Note.

Table 2: First Interim Payment Amount Breakdown

ComponentAmount per Note
Capital Redemption amount (ZAR500.00 per Note)ZAR 500.00
Interest Earned (21% Return on Capital Redemption amount)ZAR 105.00

Investors can expect a capital redemption amount of ZAR 500.00 per Note and an interest earned amounting to ZAR 105.00 per Note.

This announcement marks a significant development for investors holding RLN005 Notes, as it outlines the timeline and details for the upcoming redemption. Investors who are planning to trade these Notes should take note of the Last Day to Trade on September 19, 2023, and the Ex-date on September 20, 2023.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo