Obbligazione Absa Bank 0% ( ZAG000153180 ) in ZAR

Absa Bank

100 ZAR ⇌

Sudafrica

ZAG000153180 ( in ZAR )

20/06/2023 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Absa Bank ZAG000153180 in ZAR 0%, scaduta

1 000 000 ZAR

250 000 000 ZAR

Absa Bank è una grande istituzione finanziaria africana con sede in Sudafrica, operante in diversi paesi del continente e offrendo una gamma completa di servizi bancari commerciali e di investimento.

The Obbligazione issued by Absa Bank ( South Africa ) , in ZAR, with the ISIN code ZAG000153180, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 20/06/2023

DocuSign Envelope ID: 4B6A923B-07A1-420A-92FF-03E6ECCE5AB4

APPLICABLE PRICING SUPPLEMENT

ABSA BANK LIMITED
(incorporated in the Republic of South Africa with limited liability with company registration
number 1986/004794/06)
Issue of ZAR250,000,000 Series 8 Credit Linked Notes due June 2023
under its ZAR40,000,000,000 Master Structured Note Programme approved by the JSE Limited t/a
The Johannesburg Stock Exchange

This Applicable Pricing Supplement must be read in conjunction with the Master Structured Note
Programme Memorandum and the Applicable Product Supplement for 2014 Credit Linked Notes,
dated on or about 27 October 2015 and approved by the JSE Limited on or about 30 October 2015,
prepared by Absa Bank Limited in connection with the Absa Bank Limited ZAR40,000,000,000 Master
Structured Note Programme, as amended and/or supplemented from time to time (the "Master
Programme Memorandum") and the Applicable Product Supplement, dated on or about 27 October
2015, as amended and/or supplemented from time to time (the "Applicable Product Supplement").
Any capitalised terms not defined in this Applicable Pricing Supplement have the meanings ascribed
to them in Section II-A of the Master Programme Memorandum headed "Terms and Conditions of
the Notes", as amended by the Applicable Product Supplement.
This document constitutes the Applicable Pricing Supplement (this "Applicable Pricing Supplement")
relating to the issue of Notes described herein. The Notes described herein are issued on and subject
to the Terms and Conditions as replaced, amended and/or supplemented by the Applicable Product
Supplement and/or this Applicable Pricing Supplement. To the extent that there is any conflict or
inconsistency between the provisions of this Applicable Pricing Supplement and the provisions of the

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Master Programme Memorandum and/or the Applicable Product Supplement, the provisions of this
Applicable Pricing Supplement will prevail for purposes of the Notes described herein.
This Applicable Pricing Supplement supersedes any previous pricing supplement, confirmation, term
sheet or other communication with respect to the Notes described herein.
The Holders of the Notes should ensure that: (i) they fully understand the nature of the Notes and
the extent of their exposure to risks, and (ii) they consider the suitability of the Notes as an
investment in the light of their own circumstances and financial position.
The Notes involve a high degree of risk, including the risk of losing some or a significant part of the
Noteholder's initial investment. A Noteholder should be prepared to sustain a total loss of its
investment in the Notes. The Notes represent general, unsecured, unsubordinated, contractual
obligations of the Issuer and rank pari passu in all respects with each other.
Noteholders are reminded that the Notes constitute obligations of the Issuer only and of no other
person. Therefore, potential Noteholders should understand that they are relying on the credit
worthiness of the Issuer.

DESCRIPTION OF THE NOTES
1.
Issuer
Absa Bank Limited ("Absa")
2.
Applicable Product Supplement:
The 2014 Credit Linked Note Applicable Product
Supplement contained in Section IV-B of the Master
Programme Memorandum is applicable in respect
of the Notes.
3.
Status of the 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.)
4.
Listing:
Listed Notes
5.
Issuance Currency:
ZAR (South Africa Rand)
6.
Series Number:
2018-37
7.
Tranche Number:
1

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8.
Aggregate Nominal Amount:
ZAR250,000,000.00 (Two Hundred and Fifty Million
Rand), subject to the occurrence of one or more
Relevant Event Determination Dates in respect of
any of the Reference Entities during the Notice
Delivery Period, whereupon the Aggregate Nominal
Amount will be reduced to reflect the redemption
(as described in paragraph 31 (Redemption
following the occurrence of Credit Events) below) of
such amount of the Notes equal to the sum of the
Reference Entity Nominal Amounts in respect of
each Reference Entity in respect of which a Relevant
Event Determination Date has occurred, less the
Swap Costs Difference (if any and as defined in
paragraph 23 below)), as determined by the
Calculation Agent in its sole and absolute discretion.
9.
Reference Entity Nominal Amount:
Means an amount of the Notes expressed in ZAR
related to a Reference Entity in respect of which a
Relevant Event Determination Date has occurred,
calculated as follows:
Reference Entity Weighting of the relevant
Reference Entity multiplied by ZAR250,000,0000.00
10.
Interest:
Interest-bearing
11.
Interest Payment Basis:
Floating Rate Notes
12.
Automatic/Optional Conversion from one
Not Applicable
Interest/Redemption/Payment Basis to
another:
13.
Form of Notes:
Registered Listed Notes: The Notes in this Tranche
will be issued in uncertificated form and held by the
CSD.
14.
Issue Date:
07 August 2018
15.
Trade Date:
31 July 2018
16.
Specified Denomination:
ZAR 1,000,000.00
17.
Issue Price:
100%
18.
Interest Commencement Date:
Issue Date

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19.
Maturity Date:
20 June 2023
20.
Applicable Business Day Convention:
Following Business Day Convention
21.
Definition of Business Day (if different
Not different from that set out in Glossary of
from that set out in Glossary of Terms):
Terms.
22.
Final Redemption Amount:
Means:
(a)
Subject to (b) below. The amount determined
by the Calculation Agent in its sole and
absolute discretion as the Aggregate Nominal
Amount of the Notes outstanding (if any) at
the Maturity Date; and
(b)
The Notes will be redeemed on the Maturity
Date at the Final Redemption Amount
determined by the Calculation Agent in
accordance with (a) above unless:
(i)
The Notes have been previously
redeemed in whole and cancelled or
are redeemable due to any taxation
reasons, due to Change in Law, on
an Event of Default (if required) or
optional early redemption (however
described) occurring on or before
the Maturity Date; or
(ii)
Grace Period Extension is Specified
as applicable and a Potential Failure
to Pay has occurred in respect of
one or more of the Reference
Entities on or prior to the Maturity
Date. If such Potential Failure to Pay
has occurred in respect of one or
more of the Reference Entities, the
Notes will be redeemed on the first
Business Day after expiry of the
relevant latest Notice Delivery
Period at its Final Redemption
Amount, unless on or before the
Grace Period Extension Date a
Credit Event occurs in respect of
one or more of the Reference
Entities which is a Failure to Pay and

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the Conditions to Settlement are
fulfilled during the Notice Delivery
Period. In such circumstances the
Notes will be redeemed by payment
of final outstanding Aggregate
Nominal Amount determined by the
Calculation Agent together with
Physical Settlement in respect of
any Reference Entities suffering a
Failure to Pay Credit Event after the
Maturity Date.
23.
Swap Costs:
The definition of "Swap Costs" in Condition 15.15 of
the Credit Linked Conditions shall be deleted and
replaced with the following definition for the
purposes of the Notes:
"Swap 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 (in which case expressed as a
positive number) or gain (in which case expressed
as a negative number) 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 hedge term deposit, related
interest rate, currency or basis swap position, or
funding arrangements entered into by it (including
with its internal treasury function) specifically in
connection with the Notes.
24.
Last Dates to Register:
The 11th calendar day before each Interest Payment
Date, i.e. each 09 March, 09 June, 09 September
and 09 December of each calendar year during the
period commencing on the Issue Date and ending
on the Maturity Date.
25.
Books Closed Periods:
The Register will be closed for a period of 10
calendar days before each Interest Payment Date
to each Floating Interest Payment Date i.e. from
each 10 March to 20 March, 10 June to 20 June, 10
September to 20 September and from 10
December to 20 December (all dates inclusive) in
each calendar year during the term of the Notes

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commencing on the Issue Date and ending on the
Maturity Date.
26.
Value of aggregate Nominal Amount of all
Notes issued under the Structured Note
ZAR 14,641,425,355.66
Programme as at the Issue Date:
FLOATING RATE NOTES

27.
(a)
Floating Interest Payment Dates:
Each 20 March, 20 June, 20 September and 20
December of each calendar year, commencing on
20 September 2018 and ending on the Maturity
Date, each such day being subject to adjustment in
accordance with the Following Business Day
Convention.
(b)
Minimum Interest Rate:
Not Applicable
(c)
Maximum Interest Rate:
Not Applicable
(d)
Other terms relating to the
Day Count Fraction is Act/365(fixed).
method of calculating interest
The Calculation Agent will calculate and determine
(e.g.: Day Count Fraction,
the Interest Amount payable in respect of the Notes
rounding up provision):
on each Interest Payment Date by multiplying the
Interest Rate (Reference Rate plus Margin) by the
outstanding Aggregate Nominal Amount of the
Notes on the relevant Interest Payment Date and
multiplying such amount by the Day Count Fraction
and rounding the resultant figure to the nearest
cent, half a cent being rounded downwards.
Provided that, if a Potential Failure to Pay has
occurred in respect of one or more of the Reference
Entities on or before an Interest Payment Date, the
outstanding Aggregate Nominal Amount of the
Notes on such Interest Payment Date will be
determined by the Calculation Agent without regard
to the Reference Entity Weighting of the Reference
Entity in respect of which the Potential Failure to
Pay has occurred. If no subsequent Failure to Pay
Credit Event occurs in respect of any such Reference
Entity prior to the next following Interest Payment
Date, the Calculation Agent will increase the Interest
Amount on such Interest Payment Date by the
amount withheld on the previous Interest Payment

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Date.
(e)
Manner in which the Interest Rate
Screen Rate Determination
is to be determined:
(f)
Margin:
165 basis points to be added to the relevant
Reference Rate
(h)
If Screen Determination:

(i)
Reference Rate (including
ZAR-JIBAR-SAFEX (3 months)
relevant period by
reference to which the
Interest Rate is to be
calculated):
(ii)
Interest Rate
Each 20 March, 20 June, 20 September and 20
Determination Dates:
December of each calendar year, commencing on
the Issue Date and ending on 20 March 2023, each
such day being subject to adjustment in accordance
with the Following Business Day Convention.
(iii)
Relevant Screen Page and
Reuters RIC <SFX3MYLD> on Reuters Page "SAFEY"
Reference Code:
(Page number ZA01209)
(i)
If Interest Rate to be calculated
Not Applicable
otherwise than Screen
Determination, insert basis for
determining Interest Rate/Margin/
Fallback provisions:
(j)
Calculation Agent responsible for
Absa Corporate and Investment Banking (a division
calculating amount of principal
of Absa Bank Limited) or an affiliate thereof.
and interest:

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(k)
Interest Expiration Date:
If a Relevant Event Determination Date occurs in
respect of any one of the Reference Entities during
the Notice Delivery Period, interest will cease to
accrue in respect of an amount of the Notes equal
to the sum of the relevant Reference Entity
Nominal Amount and the Swap Costs Difference, if
any, in respect of Relevant Event Determination
Date and the relevant Reference Entity, as of the
earlier to occur of the day prior to (a) the Interest
Payment Date occurring on or immediately
preceding the Relevant Event Determination Date
and (b) the Maturity Date or, if no Interest Payment
Date has occurred, the Issue Date, as applicable,
such date being the Interest Expiration Date.
CREDIT EVENT REDEMPTION

28.
Type of Credit Linked Note:
Portfolio CLN
29.
Redemption at Maturity:
Final Redemption Amount
30.
Relevant Credit Event:
Means the first Credit Event to occur with respect
to each Reference Entity.
31.
Redemption following the occurrence of
Applicable. Partial redemption as described herein.
Credit Events:
If a Relevant Credit Event occurs during the Notice
Delivery Period in respect of one or more of the
Reference Entities specified in the Reference
Portfolio Annex, the Issuer's obligation in each case
will be to:
(i) redeem an amount of the Notes equal to the
Reference Entity Nominal Amount of such
Reference Entity(ies) by Delivery on the relevant
Physical Settlement Date of the Deliverable
Obligations Portfolio (as defined below) related to
the relevant Reference Entity(ies), and
(ii) delist an amount of the Notes equal to the sum
of the Reference Entity Nominal Amount and the
Swap Costs Difference (if any) related to the
relevant Reference Entity(ies) in respect of which a
Relevant Credit Event has occurred.
At the Maturity Date, the Issuer will redeem the

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Notes remaining by payment of the Final
Redemption Amount determined on the basis of
the remaining outstanding Aggregate Nominal
Amount at the Maturity Date.
Upon discharge by the Issuer of the Final
Redemption Amount on the Maturity Date and
Physical Settlement on any Physical Settlement
Date or otherwise as provided herein, the Issuer's
obligations in respect of the Notes will be
discharged.
The definition of "Deliverable Obligations Portfolio"
contained in Condition 23.2 of the Credit Linked
Conditions of the Notes is deemed to be deleted
and replaced with the following:
"Deliverable Obligations Portfolio" means, subject
to Credit Linked Condition 10.1, in relation to each
Reference Entity in respect of which a Relevant
Credit Event has occurred, such Deliverable
Obligations as may be selected by the Issuer with a
Due and Payable Amount in an aggregate amount
(excluding any accrued and unpaid interest) equal
to:
(a) the Reference Entity Nominal Amount related to
the relevant Reference Entity/s, as of the Relevant
Event Determination Date; less
(b) a Due and Payable Amount of such Deliverable
Obligations with a market value as determined by
the Calculation Agent equal to the Settlement
Expenses and Swap Costs.
If the amount of the Deliverable Obligations
Portfolio is a negative amount, no Deliverable
Obligations will be required to be Delivered and the
amount of the Deliverable Obligations Portfolio will
be deemed to be zero. In addition, the Issuer will,
on or about the date the Issuer delists the relevant
amount of the Notes in accordance with sub
section (ii) of this paragraph above, reduce the
Aggregate Nominal Amount of the Notes by an
amount equal to the absolute value of such
negative amount (such amount being the "Swap

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Costs Difference"). If an obligation by its terms
represents or contemplates an obligation to pay an
amount greater than the outstanding principal
balance of such obligation as of the Delivery Date
as a result of the occurrence or non-occurrence of
an event or circumstance, the outstanding principal
balance of such obligation will not include any
additional amount that would be payable upon the
occurrence or non-occurrence of such event or
circumstance."
32.
Extension interest:
Not Applicable
33.
Reference Entities:
Each Reference Entity (read with the relevant
Reference Entity Weighting) as specified in the
Reference Portfolio Annex.
Each Reference Entity in respect of which a
Relevant Credit Event occurs will subsequently be
removed as a Reference Entity for the purposes of
the Notes.
34.
Reference Obligations:
In respect of each Reference Entity:
(i)
the obligation identified as per the
Reference Portfolio Annex or any Substitute
Reference Obligation in respect thereof;
and
(ii)
one or more obligations of each such
Reference Entity that would constitute an
Obligation or Deliverable Obligation. The
Issuer may select the relevant Reference
Obligation of the relevant Reference Entity
at any time on or before the Physical
Settlement Date.
35.
Transaction Type:
Not Applicable
36.
All Guarantees:
Applicable
37.
Conditions to Settlement:
Applicable
Credit Event Notice: Applicable
Notice of Physical Settlement: Applicable
Notice of Publicly Available Information: Applicable

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