Standard Bank’s SSN205 Senior Unsecured Notes: A Floating Rate Opportunity on JSE

  • The Standard Bank of South Africa lists SSN205 Senior Unsecured Floating Rate Notes on the JSE Limited.
  • The authorized program size for the notes is ZAR 120,000,000,000, with a total issuance of ZAR 79,560,400,520.61.
  • The SSN205 notes offer a floating coupon rate of 0.90% plus Three-month ZAR-JIBAR-SAFEX, with interest payment dates and registration deadlines specified.
By Lethabo Ntsoane

The Standard Bank of South Africa Limited has unveiled a new financial instrument, SSN205 Senior Unsecured Floating Rate Notes, which has been granted a listing by The JSE Limited. Under its Structured Note Programme, The Standard Bank of South Africa Limited sponsors these notes.

The SSN205 Senior Unsecured Floating Rate Notes form part of an authorized program size of ZAR 120,000,000,000, with the total notes issued, including the current offering, amounting to ZAR 79,560,400,520.61.

Set to be released on June 23, 2023, the SSN205 notes boast a nominal issuance of ZAR 30,000,000.00 and a coupon rate of 0.90% plus the Three-month ZAR-JIBAR-SAFEX, as specified in the Applicable Pricing Supplement. With a floating coupon indicator, the interest determination dates coincide with the issue date, and the trade type is priced at 100%.

Investors will find the maturity date set for June 21, 2024, while interest will commence from the issue date. The first interest payment date is scheduled for September 21, 2023, followed by subsequent payments on December 21, 2023; March 22, 2024; and June 21, 2024. In cases where these dates do not fall on a Business Day, the interest will be paid on the following Business Day as determined by the applicable Business Day Convention, as specified in the Applicable Pricing Supplement.

The SSN205 notes follow the Actual/365(fixed) and Following Business Day count/convention. Additionally, the Books Closed Period, during which the Register will be closed, will extend from September 16, 2023; December 16, 2023; March 17, 2024; and June 16, 2024 until the respective interest payment dates. Investors must ensure they register by 17:00 on September 15, 2023; December 15, 2023; March 16, 2024; and June 15, 2024, or the Business Day before each Books Closed Period until the Maturity Date.

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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