In a move set to shake up South Africa’s financial landscape, Sanlam Life Insurance Limited has successfully launched its Unsecured Subordinated Notes, SLI8 and SLI9, on the Johannesburg Stock Exchange (JSE). The listings come under Sanlam’s ambitious Unsecured Subordinated Note Programme, established on August 4, 2021, representing a significant step for the company in diversifying its financial offerings and bolstering its market presence.
Sanlam’s SLI8 notes, with a nominal value of R972,000,000.00, have hit the market, offering investors an opportunity to participate in a dynamic financial instrument. These Floating Rate Notes come with a coupon rate of 3 Month JIBAR plus 134 basis points. With a final maturity date set on April 5, 2029, these notes promise stability and growth potential. The first interest payment is scheduled for January 5, 2024, marking a significant milestone for investors.
In parallel, Sanlam’s SLI9 notes, amounting to R1,028,000,000.00, offer investors an extended investment horizon, maturing on October 5, 2030. These Floating Rate Notes feature a coupon rate of 3 Month JIBAR plus 150 basis points, indicating a promising return potential for investors looking for long-term opportunities. The first interest payment mirrors SLI8, commencing on January 5, 2024.
These listings, made possible through the support of Absa Bank Limited, provide investors with a chance to diversify their portfolios, benefit from competitive interest rates, and align with Sanlam’s renowned stability. The company’s strategic move aligns with its vision of empowering investors and contributing to the nation’s economic growth.
Analysts are optimistic about the impact these listings will have on South Africa’s financial markets, expecting increased investor activity and heightened market dynamism. Sanlam’s foray into the Unsecured Subordinated Note market underscores its commitment to innovation and investor satisfaction, setting a benchmark for financial instruments in the region.
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