Bond Absa Bank 0% ( ZAG000087420 ) in ZAR

Absa Bank

100 % ⇌

South Africa

ZAG000087420 ( in ZAR )

20/09/2021 - Bond has expired

Prospectus brochure of the bond Absa Bank ZAG000087420 in ZAR 0%, expired

1 000 000 ZAR

50 000 000 ZAR

Absa Bank is a leading African financial services group offering a range of banking, wealth, and insurance solutions across various countries, primarily in Africa.

The Bond issued by Absa Bank ( South Africa ) , in ZAR, with the ISIN code ZAG000087420, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Bond maturity is 20/09/2021

APPLICABLE PRICING SUPPLEMENT
ABSA BANK LIMITED
(Incorporated with limited liability in South Africa under registration number 1986/004794/06
(the "Issuer")
Issue of ZAR 50,000,000 Series 2011-25 Eskom Holdings Limited Credit Linked Notes -ACL129
Under its ZAR 20,000,000,000 Credit-linked Note Programme

The Notes described in this Applicable Pricing Supplement are subject to the terms and conditions set out in
this Applicable Pricing Supplement and the General Terms and Conditions of the Notes set out in the
Programme Memorandum dated 19 July 2007 relating to the Issuer's Credit-linked Note Programme (the
"Programme Memorandum"). Unless inconsistent with the context, terms used but not defined in this
Applicable Pricing Supplement shall have the meanings assigned to them in the Programme Memorandum.
This Applicable Pricing Supplement must be read in conjunction with the Programme Memorandum.
NOTES ISSUED PURSUANT TO THIS APPLICABLE PRICING SUPPLEMENT MAY BE LINKED TO THE
PERFORMANCE OF ONE OR MORE REFERENCE ENTITIES. THE ATTENTION OF NOTEHOLDERS IS DRAWN
TO THE RISK FACTORS ON PAGES 13 to 16 OF THE PROGRAMME MEMORANDUM DATED 19 JULY 2007.
DESCRIPTION OF THE NOTES
1. Issuer:
Absa Bank Limited ("Absa")
2. Arranger and Programme Dealer:
Absa Capital, a division of Absa Bank Limited ("Absa
Capital")
3. Series Number:
2011- 25
4. Tranche Number:
A
5. Listed / Unlisted:
Listed
6. Aggregate Principal Amount of this ZAR50,000,000.00
Tranche:
7. Interest/Payment Basis:
Floating Rate
8. Issue Date:
27 July 2011. The Noteholder bears the risk of loss from a
Credit Event with effect from the Credit Event Backstop
Date, which may fall prior to the Trade Date.
9. Total Notes in Issue
ZAR12,442,492,747
10. Trade Type
Price
11. Method of Distribution
Private Placement
12. Trade Date
20 July 2011
13. Denomination:
ZAR 1,000,000.00
Notes are subject to a minimum denomination of ZAR
1,000,000.00
14. Issue Price:
100%

.

15.
Margin:
2.20 per cent. per annum
16.
Reference Rate:
SFX 3M Yield (RIC: <SFX3MYLD>) SAFEX Jibar Fixing on
Reuters page SAFEY code ZA01209
17.
Interest Period(s):
Each period from and including one Interest Payment
Date to, but excluding the next Interest Payment Date,
provided that the first Interest Period shal commence on
the Interest Commencement Date and the final Interest
Period shal end on the Interest Termination Date
18.
Interest Payment Date(s):
On the 20th of March, June, September, December, in each
year, commencing on 20 September 2011
19.
Interest Commencement Date:
The Issue Date
20.
Interest Termination Date:
If an Event Determination Date occurs during the Notice
Delivery Period, Interest will cease to accrue as of the
earlier to occur of the day prior to (a) the Interest
Payment Date occurring on or immediately preceding the
Event Determination Date and (b) the Scheduled
Redemption Date or, if no Interest Payment Date has
occurred, the Issue Date, as applicable, such date being
the Interest Termination Date.
21.
Cash Settlement Amount:
If an Early Redemption Event occurs and the Conditions to
Settlement are satisfied, the Cash Settlement Amount
shall be calculated by the Calculation Agent as being:

(i) the Cash Settlement Amount determined by the
Calculation Agent in accordance with Condition
6.2.1(b)(iii) of the Programme Memorandum; minus
(iii)
Hedging Costs.

Where:

""Hedging Costs" means, in respect of the Notes, an
amount determined by the Calculation Agent in a
commercially reasonable manner equal to any expense,
loss or costs incurred (or expected to be incurred) by or
on behalf of the Issuer as a result of its terminating,
liquidating, modifying, obtaining or re-establishing any
term deposit, related interest rate swap or basis swap
position or funding arrangements entered into by it
(including with its internal treasury function) in
connection with the Notes.
22. Scheduled Redemption Date:
20 September 2021
23. Scheduled Redemption Amount:
ZAR 50,000,000
24. Currency of Issue:
ZAR
25. Calculation Agent:
Absa Capital
26. Transfer Secretary:
Absa Capital
27. Paying Agent:
Absa Capital

28. Business Day(s):
Johannesburg and London
29. Business Day Convention:
Fol owing (which shal apply to any date referred to in this
Pricing Supplement that falls on a day that is not a
Business Day)
30. Day Count Fraction:
Actual/365
31. Books Closed Period(s):
On the 10th of March, June, September, December, in each
year until maturity
32. Last Day(s) to Register:
On the 09th of March, June, September, December, in each
year until maturity
33. Effect of a Credit Event
If an Early Redemption Event occurs and the Conditions to
Settlement are satisfied, the Issuer's obligation to redeem
the Notes at the Scheduled Redemption Amount shall
cease and be replaced by an obligation to redeem the
Notes on the Early Redemption Date by payment of the
Cash Settlement Amount minus Hedging Costs, provided
however that such Hedging Costs are subject to a
maximum of the then outstanding Principal Amount of
such Notes. Upon discharge by the Issuer of such payment
on the Early Redemption Date, or otherwise as provided
herein, the Issuer's obligations in respect of the Notes
shall be discharged. If an Event Determination Date
occurs during the Notice Delivery Period, Interest will
cease to accrue as of the earlier to occur of the day prior
to (a) the Interest Payment Date occurring on or
immediately preceding the Event Determination Date and
(b) the Scheduled Redemption Date or, if no Interest
Payment Date has occurred, the Issue Date.

REDEMPTION

34.
Redemption at Maturity:
Scheduled Redemption Amount.
35.
Redemption following the occurrence of Applicable
an Early Redemption Event:

Reference Entity:
Eskom Holdings Limited

Reference Obligation(s):
In respect of the Reference Entity (i) any Senior
Obligation of the Reference Entity and/or; (ii) one or
more obligations of such Reference Entity that would
constitute a Deliverable Obligation. The Issuer may select
the Reference Obligation of the Reference Entity in its
sole discretion at any time on or before the Valuation
Date.

Al Guarantees:
Applicable

Conditions to Settlement:
Credit Event Notice: Applicable
Notice of Publicly Available Information: Applicable

Reference Price:
100 per cent

Credit Events:
The fol owing Credit Event[s] shall apply:
Bankruptcy
Failure to Pay

.

Restructuring

Grace Period Extension: Applicable
Obligation Acceleration
Obligation Default
Repudiation/Moratorium

Obligation(s):
Obligation means (i) the Reference Obligation and (ii) any
obligation of the Reference Entity (either directly or as
provider of a Qualifying Affiliate Guarantee or, if Al
Guarantees is Specified as applicable, as provider of any
Qualifying Guarantee) described by the:

Obligation Category:
Borrowed Money

Obligation Characteristics:
Not Subordinated
Specified Currency: ZAR and/or any other Permitted
Currency

Excluded Obligations (if any):
None

Settlement Method:
Cash Settlement or Auction Settlement as determined by
the Calculation Agent.

Fallback Settlement Method:
Cash Settlement

Terms Relating to Cash Settlement:

Final Price:
In respect of a Reference Obligation, the price of such
Reference Obligation (expressed as a percentage)
determined in accordance with the Valuation Method.
Valuation Date:
Single Valuation Date: The Valuation Date shall be a
Business Day selected by the Calculation Agent that falls
on or after the Event Determination Date.
Valuation Time:
As determined by the Calculation Agent.
Quotation Method:
Bid, subject to Auction Settlement being determined by
the Calculation Agent as applicable and ISDA publishing
auction settlement terms to enable parties to settle
physically settled credit derivative transactions based
upon a Final Price determined pursuant to the terms set
forth in the auction settlement terms(an "Auction").
In the circumstances where Auction Settlement is
determined by the Calculation Agent as applicable and an
Auction is instituted by ISDA in relation to a Credit Event
occurring in respect of the Reference Entity, the
Calculation Agent may determine that "Quotation" and
"Quotation Method" wil not apply and, in such
circumstances, the Final Price in respect of these Notes
will be the Final Price determined pursuant to the
Auction.
Quotation Amount:
With respect to a Reference Obligation, an amount in the

Settlement Currency specified by the Issuer which shall
not exceed the Principal Amount.
Quotations:
Exclude Accrued Interest
Dealer(s):
As determined by the Calculation Agent,
Settlement Currency:
ZAR
Cash Settlement Date:
5 Business Days
Valuation Method:
Market
Deliverable Obligation (s):
Deliverable Obligation means (i) the Reference
Obligation, and (ii) any obligation of the Reference Entity
(either directly or as provider of a Qualifying Affiliate
Guarantee or, if All Guarantees is specified as applicable,
as provider of any Qualifying Guarantee) described by
the:

Deliverable Obligation Category:
Bond or Loan

Deliverable Obligation Characteristics:
Not Subordinated
Specified Currency: ZAR and/or any other Permitted
Currency

Excluded Deliverable Obligations:
None
36.
Terms relating to Auction Settlement (if If an Event Determination Date occurs on or prior to the
determined as applicable by the Auction Final Price Determination Date, the Auction Final
Calculation Agent):
Price shall be the Final Price with respect to the related
Credit Event. Without prejudice to the foregoing, but
without duplication of settlement, if (a) an Auction
Cancel ation Date occurs, (b) a No Auction
Announcement Date occurs, (c) ISDA publicly announces
that the relevant Credit Derivatives Determinations
Committee has Resolved, following a Credit Event
Resolution Request Date, not to determine whether or not
an event constitutes a Credit Event or (d) an Event
Determination Date was determined pursuant to the
definition of "Event Determination Date" and no Credit
Event Resolution Request Date has occurred on or prior
to the date falling three Business Days after such Event
Determination Date, Auction Settlement shall not apply
and the Fallback Settlement Method shall apply.

The Notice of Publicly Available Information Condition to
Settlement, if applicable, shall be deemed to be satisfied
in circumstances where ISDA publicly announces on or
prior to the last day of the Notice Delivery Period
(including prior to the Issue Date) that the relevant Credit
Derivatives Determination Committee has Resolved that
an event that constitutes a Credit Event has occurred with

.

respect to the relevant Reference Entity or Obligation
thereof.

Definitions:
In the event of any inconsistency between this Applicable
Pricing Supplement and the Terms and Conditions of the
Programme Memorandum, this Applicable Pricing
Supplement shall prevail. . FOR THE AVOIDANCE OF
DOUBT, PLEASE NOTE THAT WHERE THE CALCULATION
AGENT HAS DETERMINED THE TERMS RELATING TO
AUCTION SETTLEMENT DO NOT APPLY, THE
DEFINITIONS BELOW WILL NOT APPLY TO THE NOTES.

"Auction" has the meaning set forth in the Transaction
Auction Settlement Terms.

"Auction Cancellation Date" has the meaning set forth in
the Transaction Auction Settlement Terms;

"Auction Final Price" has the meaning set forth in the
Transaction Auction Settlement Terms in respect of the
relevant Reference Entity, provided that: (i) where both a
Senior Auction and a Subordinated Auction are held in
connection with an Auction in respect of such Reference
Entity, the Issuer may in its sole and absolute discretion
elect to apply the price determined pursuant to the Senior
Auction where the Reference Obligation in respect of the
Affected Reference Entity is specified as a "Sub" or
"Subordinated" Reference Obligation; and (ii) if the Credit
Event is a Restructuring, the Calculation Agent shall select
which of the Transaction Auction Settlement Terms shall
apply in a commercially reasonable manner in accordance
with then current market practice by reference to the
Redemption Date of the Notes;

"Auction Final Price Determination Date" has the
meaning set forth in the Transaction Auction Settlement
Terms;

"Cash Settlement Date" means (a) if the Cash Settlement
Amount is not Specified, the date that is the Specified
number of Business Days (or, if a number of Business
Days is not so Specified, 3 (three) Business Days)
following the calculation of the Final Price or (b) if the
Cash Settlement Amount is Specified, the date that is the
Specified number of Business Days (or, if a number of
Business Days is not so Specified, 3 (three) Business Days)
following the satisfaction of all Conditions to Settlement
(or, if "Cash Settlement" is applicable as a fallback to
Auction Settlement, any Auction Cancellation Date or any
No Auction Announcement Date, if later); provided,
however, that if Auction Settlement is applicable then the

Auction Cash Settlement Date shall be the cash
settlement date determined pursuant to the Credit
Derivatives Auction Settlement Terms for such Auction;

"CDDC
Rules"
means
the
Credit
Derivatives
Determinations Committees Rules, as amended from time
to time in accordance with the terms thereof. A copy of
the Rules is available at www.isda.org/credit;

"Conditions to Settlement" means in addition to the
provisions of the "Conditions to Settlement" definition in
the Programme Memorandum and those Specified, the
Conditions to Settlement shall be deemed to be satisfied
in circumstances where ISDA publicly announces on or
prior to the last day of the Notice Delivery Period
(including prior to the Issue Date) that the relevant Credit
Derivatives Determination Committee has Resolved that
an event that constitutes a Credit Event has occurred with
respect to the relevant Reference Entity or Obligation
thereof;

"Credit Derivatives Auction Settlement Terms" means
any Credit Derivatives Auction Settlement Terms
published by ISDA, in accordance with the CDDC Rules, a
copy of which will be published by ISDA on its website
from time to time and may be amended from time to
time in accordance with the CDDC Rules. A form of the
Credit Derivatives Auction Settlement Terms is available
at www.isda.org/credit;

"Credit Derivatives Determinations Committees" means
the committees established by ISDA for purposes of
reaching certain DC Resolutions in connection with credit
derivative transactions, as more ful y described in the
CDDC Rules;

"Credit Event Backstop Date" means (a) for purposes of
any event that constitutes a Credit Event, the date that is
60 calendar days prior to the Credit Event Resolution
Request Date or (b) otherwise, the date that is 60
calendar days prior to the earlier of (i) the first date on
which both the Credit Event Notice and, if "Notice of
Publicly Available Information" is specified as a Condition
to Settlement, the Notice of Publicly Available
Information are delivered by the Issuer and are effective
during the Notice Delivery Period and (ii) in
circumstances where (A) the conditions to convening a
Credit Derivatives Determinations Committee to Resolve
such matters are satisfied in accordance with the CDDC
Rules, (B) the relevant Credit Derivatives Determinations
Committee has Resolved not to determine such matters
and (C) the Credit Event Notice and, if "Notice of Publicly

.

Available Information" is specified as a Condition to
Settlement, the Notice of Publicly Available Information
are delivered by the Issuer to the Issue and Paying Agent
and are effective no more than fourteen calendar days
after the day on which ISDA publicly announces that the
relevant Credit Derivatives Determinations Committee
has Resolved not to determine such matters, the Credit
Event Resolution Request Date. The Credit Event Backstop
Date shall not be subject to adjustment in accordance
with any Business Day Convention.

"Credit Event Notice" means an irrevocable notice from
the Issuer to the Noteholder that describes a Credit Event
that occurred on or after the Credit Event Backstop Date
and on or before the later of (a) the Scheduled
Redemption Date, and (b) the Grace Period Extension
Date if (i) Grace Period Extension is Specified as
applicable, (ii) the Credit Event that is the subject of the
Credit Event Notice is a Failure to Pay that occurred after
the Scheduled Redemption Date; and (iii) the Potential
Failure to Pay with respect to such Failure to Pay occurred
on or prior to the Scheduled Redemption Date; provided
that no such notice shall be effective unless it contains a
description of the facts relevant to the determination that
the Credit Event has occurred. The Credit Event that is the
subject of the Credit Event Notice need not be continuing
on the date that the Credit Event Notice is effective;

"Credit Event Resolution Request Date" means, with
respect to a notice to ISDA, delivered in accordance with
the CDDC Rules, requesting that a Credit Derivatives
Determinations Committee be convened to Resolve:

(a)
whether an event that constitutes a Credit Event
for purposes of the Notes has occurred with
respect to the relevant Reference Entity or
Obligation thereof; and

(b)
if the relevant Credit Derivatives Determinations
Committee Resolves that such event has
occurred, the date of the occurrence of such
event,

the date, as publicly announced by ISDA, that the relevant
Credit Derivatives Determinations Committee Resolves to
be the first date on which such notice was effective and
on which the relevant Credit Derivatives Determinations
Committee was in possession, in accordance with the
CDDC Rules, of Publicly Available Information with
respect to the DC Resolutions referred to in (a) and (b)
above;

"DC Credit Event Announcement" means, with respect to
a Reference Entity, a public announcement by ISDA that
the relevant Credit Derivatives Determinations Committee
has Resolved that (a) an event that constitutes a Credit
Event for purposes of the relevant Series has occurred
with respect to such Reference Entity (or an Obligation
thereof) and (b) such event occurred on or after the
Credit Event Backstop Date. A DC Credit Event
Announcement will be deemed not to have occurred
unless (i) the Credit Event Resolution Request Date with
respect to such Credit Event occurred on or prior to the
end of the last day of the Notice Delivery Period
(including prior to the Issue Date) and (ii) the Issue Date
occurs on or prior to the Auction Final Price
Determination Date, the Auction Cancel ation Date, or the
date that is 21 calendar days fol owing the No Auction
Announcement Date, if any, as applicable;

"DC No Credit Event Announcement" means, with respect
to a Reference Entity, a public announcement by ISDA
that the relevant Credit Derivatives Determinations
Committee has Resolved, following a Credit Event
Resolution Request Date, that the event that is the subject
of the notice to ISDA resulting in the occurrence of such
Credit Event Resolution Request Date does not constitute
a Credit Event for purposes of the relevant Series with
respect to such Reference Entity (or an Obligation
thereof);

"DC Party" has the meaning given to that term in the
CDDC Rules;

"DC Resolution" has the meaning given to that term in
the CDDC Rules;

"Event Determination Date" means:

(a)
The first date on which both the Credit Event
Notice and the Notice of Publicly Available
Information (if applicable) are effective during
either:

(i)
the Notice Delivery Period; or

(ii)
the period (I) from, and including, the
day on which ISDA publicly announces
that the relevant Credit Derivatives
Determinations
Committee
has
Resolved not to determine the matters
described in paragraphs (a) and (b) of
the "Credit Event Resolution Request
Date" definition (II) to, and including,

.

the date that is 14 calendar days
thereafter, provided that a Credit
Event
Resolution
Request
Date
occurred on or prior to the end of the
last day of the Notice Delivery Period
(including prior to the Issue Date),

provided however that:

(i)
the Issuer shall not deliver a Credit
Event Notice if, prior to the date of
delivery, a DC No Credit Event
Announcement has occurred; and

(ii)
if a DC Credit Event Announcement
occurs, the Issuer may elect that the
Event Determination Date be the
Credit Event Resolution Request Date.

(b)
No Event Determination Date will occur, and any
Event Determination Date previously determined
with respect to an event shall be deemed not to
have occurred, if, or to the extent that, prior to
the Auction Final Price Determination Date, a
Valuation Date, the Physical Settlement Date (or,
if earlier, a Delivery Date), or the Redemption
Date or Deferred Redemption Date, as
applicable, a DC No Credit Event Announcement
Date occurs with respect to the relevant
Reference Entity or Obligation thereof.

(c)
If, in accordance with the provisions above, (i)
following the determination of an Event
Determination Date such Event Determination
Date is deemed (A) to have occurred on a date
that is different from the date that was originally
determined to be the Event Determination Date
or (B) not to have occurred or (ii) an Event
Determination Date is deemed to have occurred
prior to a preceding Interest Payment Date, the
Calculation Agent will determine (I) the
adjustment payment, if any, that is payable to
reflect any change that may be necessary to the
amounts previously calculated and/or paid in
respect of the Notes and (II) the date in which
such adjustment payment is payable, if any. For
the avoidance of doubt, no accruals of interest
shall be taken into account when calculating any
such adjustment payment;

"Fallback Settlement Method" means, with respect to a
Series of Notes for which "Auction Settlement" is both