Bond Absa Bank 0% ( ZAG000139288 ) in ZAR

Issuer Absa Bank
Market price 100 %  ▲ 
Country  South Africa
ISIN code  ZAG000139288 ( in ZAR )
Interest rate 0%
Maturity 06/09/2021 - Bond has expired



Prospectus brochure of the bond Absa Bank ZAG000139288 in ZAR 0%, expired


Minimal amount 1 000 000 ZAR
Total amount 10 765 000 ZAR
Detailed description The Bond issued by Absa Bank ( South Africa ) , in ZAR, with the ISIN code ZAG000139288, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Bond maturity is 06/09/2021







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APPLICABLE PRICING SUPPLEMENT


ABSA BANK LIMITED
(incorporated in the Republic of South Africa with limited liability and with company registration
number: 1986/004794/06)

Issue of ZAR10,765,000.00 Unsubordinated and Unsecured Registered Notes due September 2021
under its ZAR40,000,000,000 Master Structured Note Programme approved by the JSE Limited

This Applicable Pricing Supplement must be read in conjunction with the Master Structured Note
Programme Memorandum dated 27 October 2015 and approved by the JSE Limited t/a The
Johannesburg Stock Exchange on or about 30 October 2015, as amended and/or supplemented from
time to time (the "Master Programme Memorandum"), prepared by Absa Bank Limited in
connection with the Absa Bank Limited ZAR40,000,000,000 Master Structured Note Programme.
Any capitalised terms not defined in this Applicable Pricing Supplement have the meanings ascribed
to them in Schedule 1 (Glossary of Terms) to Section II-A (Terms and Conditions of the Notes) of the
Master Programme Memorandum.
This document constitutes an Applicable Pricing Supplement relating to the Notes described herein
and issued by the Issuer. The Notes described herein are subject to the Terms and Conditions of the
Notes, as replaced, amended and/or supplemented by this Applicable Pricing Supplement. To the
extent that there is any conflict or inconsistency between the provisions of this Applicable Pricing



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Supplement and the provisions of the Master Programme Memorandum, the provisions of this
Applicable Pricing Supplement will prevail for purposes of the Notes which are governed by it.
This Applicable Pricing Supplement supersedes any previous term sheet, pricing supplement,
confirmation, or other communication in respect of the Notes described below.

DESCRIPTION OF THE NOTES

1.
Issuer:
Absa Bank Limited ("Absa")
2.
Status of Notes:
Unsubordinated and Unsecured. (The default status of the
Notes under the Master Structured Note Programme is
`unsubordinated and unsecured' per Condition 5 (Status
of Notes) of the Master Programme Memorandum.)
3.
Listing:
Listed
4.
Issuance Currency:
ZAR (South African Rand)
5.
Series Number:
2016-50
6.
Tranche Number:
ASN164
7.
Aggregate Nominal Amount:

(a)
Series:
ZAR10,765,000.00
(b)
Tranche:
ZAR10,765,000.00
8.
Interest:
As set out in paragraph 25 and 26 below respectively.
9.
Interest Payment Basis:
Fixed Rate, subject to Index Linked return provisions.
10.
Automatic/Optional Conversion Not Applicable
from one
Interest/Redemption/Payment
Basis to another:
11.
Form of Notes:
Registered Listed Notes: The Notes in this Tranche are
issued in uncertificated form and lodged in the Central
Securities Depository.
12.
Issue Date:
08 September 2016
13.
Trade Date:
31 August 2016


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14.
Specified Denomination:
ZAR1,000.00 per Note - the provision reading "Notes will
not be offered for subscription to any single addressee for
an amount of less than R1,000,000" appearing under the
"Selling Restrictions" for the republic of South Africa in
"Section II-D: Subscription and Sale" of the Master
Programme Memorandum will be disapplied and deemed
to be amended for purposes of these Notes.
15.
Issue Price:
100%
16.
Interest Commencement Date:
Not Applicable
17.
Maturity Date:
06 September 2021, is the scheduled Maturity Date,
subject to such day being an Exchange Business Day (as
defined in paragraph 26(b) below) and a Business Day. If
such day is not an Exchange Business Day and a Business
Day, then the Maturity Date will be the next day which is
an Exchange Business Day and a Business Day.
18.
Applicable Business Day
Modified Following Business Day Convention
Convention:
19.
Definition of Business Day (if
Not different for Business Days. However, for purposes of
different from that set out in
this Applicable Pricing Supplement the term "Currency
the Glossary of Terms):
Business Day" include Johannesburg Business Days,
London Business Days and TARGET Settlement Days,
where TARGET Settlement Day means any day on which
the Trans-European Automated Real-time Gross
settlement Express Transfer system is open.
20.
Fixed Interim Amount:
See Fixed Rate Leg provisions in paragraph 25 below.
21.
Final Redemption Amount:
See Index-Linked Notes provisions in paragraph 26 below.
22.
Last Date to Register:
26 August 2021
23.
Books Closed Period(s):
The Register will be closed from 27 August 2021 until the
Maturity Date.
24.
Value of aggregate Nominal
ZAR12,832,910,048.96
Amount of all Notes issued
under the Structured Note
Programme as at the Issue
Date:


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INDEX-LINKED NOTE

25.
(a)
Type of Index-Linked
Indexed Redemption Amount
Note:
(b)
Formula by reference
The Issuer will determine and calculate the Final
to which payment
Redemption Amount by using the following formula:
amount in respect of
FRA = ANA*AR - KiA
the Index is to be
determined:
Where:
"FRA" means the Final Redemption Amount;
"ANA" means the Aggregate Nominal Amount;
"AR" means the accrued return which is determined and
calculated by the Issuer in accordance with the following
formula:
5
AR = Rn
n=1
Where:
"AR" means the Accrued Return;
"R" means either Return 1, Return 2, Return 3, Return 4,
or Return 5, as the case may be, each as determined as
set out below;
Where:
"Return" is determined as follows:
If, on Anniversary Date 1, the closing level of the Index is
equal to or greater than the Knock-In Level, then Return
1 = 0.12, otherwise 0;
If, on Anniversary Date 2, the closing level of the Index is
equal to greater than the Knock-In Level, then Return 2 =
0.12, otherwise 0;
If, on Anniversary Date 3, the closing level of the Index is
equal to greater than the Knock-In Level, then Return 3 =
0.12, otherwise 0;
If, on Anniversary Date 4, the closing level of the Index is
equal to greater than the Knock-In Level, then Return 4 =


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0.12, otherwise 0; and
If, on Anniversary Date 5, the closing level of the Index is
equal to greater than the Knock-In Level, then Return 5 =
0.12, otherwise 0.

For purposes of the above:
"Knock-in Level" means 1,305.67, which is equal to 60%
(or 0.6) of the Initial Index Level;
"Initial Index Level" means 2,176.12, which is the closing
level of the Index at the Valuation Time on the Trade
Date as determined by the Issuer;
"Knock-In Amount" means an amount determined and
calculated by the Issuer as follows:
If CILmin is equal to or greater than the Knock-In Level,
then Knock-In Amount = 0
If CILmin is lower than the Knock-In Level and the Final
Index level is equal to or greater than the Initial Index
level, then Knock-In Amount = 0
Otherwise, the Knock-In Amount is an amount
determined and calculated in accordance with the
following formula:
I
KiA = ANA* (1 - f)
I
i
Where:
"CILmin" means the lowest closing level of the Index observed
on every Exchange Business Day on which the Index Sponsor
publishes the level of the Index, from (and excluding) the Trade
Date to (and including) the Final Index Determination Date;
"Ii" means the Initial Index Level as specified above, i.e.
2,176.12;
"If" means the Final Index Level, i.e the level of the Index as
determined by the Issuer at the Valuation Time on the Final
Index Determination Date;


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"Final Index Determination Date " means the closing level of the
Index at the Valuation Time on Anniversary Date on the
Valuation Date
"Anniversary Date" means each of the following dates:
Anniversary Date 1
30/08/2017
Anniversary Date 2
30/08/2018
Anniversary Date 3
30/08/2019
Anniversary Date 4
31/08/2020
Anniversary Date 5
30/08/2021
each such Anniversary Date being subject to adjustment
in accordance with the Modified Following Business Day
Convention.
"Exchange Business Day" means a Scheduled Trading Day
on which: (i) the relevant Index Sponsor publishes the
closing level of the relevant Index; and (ii) the Related
Listing Financial Exchange or an Index Component
Exchange, as the case may be, is open for trading during
its regular trading session, notwithstanding the Related
Listing Financial Exchange and/or any Index Component
Exchange, as the case may be, closing prior to its
Scheduled Closing Time;
"Index" means the S&P 500 Index (Bloomberg Ticker: SPX
Index).
Index website:
For SPX 500 Index:
http://us.spindices.com/documents/methodologies/meth
odology-sp-us-indices.pdf
"Index Valuation Date" means, in respect of the Index, 30
August 2021, subject to such day not being a Disrupted
Day. If such day is a Disrupted Day, the Index Valuation
Date will be determined in accordance with the provisions
of "Consequences of a Disrupted Day" specified below. If
the Index Valuation Date is adjusted in accordance with
the provisions of "Consequences of a Disrupted Day", the


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scheduled Maturity Date (specified above) will be
adjusted to be the 5th (fifth) day following the adjusted
Index Valaution Date, provided that such day is both an
Exchange Business Day and a Business Day;
"Index Valuation Time" means:
I.
for the purposes of determining whether a Market
Disruption Event has occurred in respect of any
Component Security or any options contracts or
future contracts on the Index, the Scheduled Closing
Time on the Listing Financial Exchange in respect of
such Component Security or such options contracts
or future contracts on the Index, as the case may be;
and
II.
in all other circumstances, the time at which the
official closing level of the Index is calculated and
published;
"Listing Financial Exchange" means in respect of the
Index, all such exchanges relevant to the Index as
determined by the Issuer;
"Scheduled Closing Time" means, in respect of the Index
Component Exchange and a Scheduled Trading Day, the
scheduled weekday closing time of such Index Component
Exchange on such Scheduled Trading Day, without regard
to after hours or any other trading outside of the regular
trading session hours;
"Index Component Exchange" means in respect of each
component security of the Index (each, a "Component
Security"), the principal stock exchange or quotation
system or any substitute exchange or quotation system on
which such Component Security is principally traded, as
determined by the Issuer;
"Scheduled Trading Day" means, in respect of the Index,
any day on which: (i) the Index Sponsor is scheduled to


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publish the level of the Index; and (ii) the Listing Financial
Exchange or an Index Component Exchange, as the case
may be, is scheduled to be open for trading during its
regular trading session;
"Index Sponsor" means, in respect of the Index, the
corporation or other entity that (a) is responsible for
setting and reviewing the rules and procedures and the
methods of calculation and adjustments, if any, related to
the Index and (b) announces (directly or through an
agent) the level of the Index on a regular basis during
each Scheduled Trading Day;
(c)
Final Redemption
The Maturity Date, such date being subject to adjustment
Amount Payment Date: in accordance with the Following Business Day
Convention and the provisions regarding Consequences of
a Disrupted Day as specified above.
(d)
Index Calculation
S&P Dow Jones is the Index Calculation Agent.
Agent:
(e)
Provisions where
See the relevant provisions under paragraph 40 below.
calculation by
reference to Index
and/or Formula is
impossible or
impracticable:
(f)
Minimum Interest
Not Applicable
Rate:
(g)
Maximum Interest
Not Applicable
Rate:
(h)
Other terms relating to
Not Applicable
the method of
calculating interest
(e.g.: Day Count
Fraction, rounding up
provision):
(i)
Calculation Agent:
Absa Corporate and Investment Banking (a division of
Absa Bank Limited) or an affiliate thereof.


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PROVISIONS REGARDING

REDEMPTION/MATURITY
26.
Redemption at the option of
No
the Issuer:
27.
Redemption at the Option of
No
Noteholders:
28.
Early Redemption Amount(s)
Yes
payable on redemption for
taxation reasons, Change in
Law, Hedging Disruption,
Increased Cost of Hedging or on
Event of Default (if required):
If yes:

(a)
Amount payable; or
Not Applicable
(b)
Method of calculation
If the Notes are redeemed early for any reason
of amount payable:
whatsoever, the Early Redemption Amount will be
determined and calculated by the Issuer in accordance
with Condition 8.5 (Early Redemption Amounts) of the
Terms and Conditions of the Notes.
GENERAL

29.
Financial Exchange:
JSE Limited t/a The Johannesburg Stock Exchange
30.
Calculation Agent:
Absa Corporate and Investment Banking (a division of
Absa Bank Limited) or an affiliate thereof.
31.
Paying Agent
Absa Corporate and Investment Banking (a division of
Absa Bank Limited) or an affiliate thereof.
32.
Specified office of the Paying
15 Alice Lane
Agent:
Sandton
2196
Gauteng
Republic of South Africa
33.
Transfer Agent:
Absa Corporate and Investment Banking (a division of
Absa Bank Limited) or an affiliate thereof.
34.
ISIN No.:
ZAG000139288


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35.
Issuer Rating on Issue Date:
Issuer Rating: A1.za as assigned by Moody's on 10 March
2016 and to be reviewed by Moody's from time to time.
Issuer Rating: zaAA- as assigned by Standard & Poor on 09
March 2016 and to be reviewed by Standard & Poor from
time to time.
36.
Stock Code:
ASN164
37.
Method of distribution:
Private Placement
38.
Governing law:
The law of the Republic of South Africa
39.
Other provisions:
Applicable
(a) Inward Listing:
The Notes will be inward listed on the Financial Exchange
in terms of the authority granted by the Financial
Surveillance Department of the South African Reserve
Bank.
(b) Taxation:
Condition 9 titled "Taxation" in the section II-A of the
Master Programme Memorandum titled "Terms and
Conditions of the Notes" is deemed to be amended in
relation to this Tranche of Notes by:
(i) the replacement of the words after the dash in
Condition 9.3 with the phrase "provided that this
exception will only apply to that portion of the
withholding or deduction which could lawfully have
been so reduced",
(ii) the deletion of Condition 9.8, and
(iii) the insertion of the following additional paragraphs
immediately after Condition 9.7:
"9.8 where such withholding or deduction is imposed
on a payment to an individual and is required to be made
pursuant to European Council Directive 2003/48/EC (or
any other directive implementing the conclusions of the
2312th Economic and Financial Affairs Council (ECOFIN)
meeting of 26 and 27 November 2000) on the taxation of
savings income or any law implementing or complying
with, or introduced in order to conform to, such directive;
or
9.9 held by or on behalf of a Noteholder in


Document Outline