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Nedbank Limited Introduces NN229: A Game-Changing Financial Instrument

  • Nedbank Limited receives approval from JSE for the listing of a new financial instrument, NN229, under its Structured Note Programme.
  • The authorized program size for NN229 is set at R30 billion, with a total amount in issue of R19.2 billion.
  • NN229 is a floating rate and credit-linked bond, offering investors a competitive return based on 3-month JIBAR plus a margin of 1.7%.
Nedbank

Nedbank Limited received approval from the JSE Limited for the listing of a new financial instrument under its Structured Note Programme. The newly listed instrument, known as NN229, is set to broaden Nedbank’s offerings and provide clients with innovative investment opportunities.

With an authorized program size of a staggering R30,000,000,000.00, the NN229 instrument signals a significant move by Nedbank to expand its presence in the financial market. The total amount issued after this issuance is set at R19,195,975,087.00, highlighting the substantial interest generated by this latest offering.

NN229 falls under the category of floating rate and credit-linked bonds, presenting investors with a unique chance to capitalize on the dynamic nature of interest rates and credit market conditions. The bond code assigned to this instrument is NN229, and it offers investors a nominal issued amount of R25,000,000.00 at an issue price of 100%, ensuring transparency and clarity.

To calculate interest on the NN229 instrument, a combination of the 3-month JIBAR (Johannesburg Interbank Agreed Rate) as of June 26, 2023, plus a margin of 1.7% will be applied. This innovative structure allows investors to potentially benefit from market fluctuations while enjoying a competitive return on their investment.

The NN229 instrument has a final maturity date set for March 31, 2032, making it an appealing long-term investment opportunity. In order to facilitate efficient management of the instrument, books close dates have been scheduled for March 21, June 20, September 20, and December 21. Interest payments will be made on March 31, June 30, September 30, and December 31 of each year until the maturity date.

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