Obbligazione Absa Group 1.875% ( ZAG000157215 ) in ZAR

Absa Group

100 ZAR ⇌

Sudafrica

ZAG000157215 ( in ZAR )

1.875% per anno ( pagato 1 volta l'anno)

28/02/2033

Prospetto opuscolo dell'obbligazione Absa Group ZAG000157215 en ZAR 1.875%, scadenza 28/02/2033

1 000 000 ZAR

554 000 000 ZAR

28/02/2025 ( In 23 giorni )

Absa Group Limited è una società di servizi finanziari sudafricana che offre una gamma completa di prodotti e servizi bancari a privati, aziende e istituzioni governative in Sudafrica e in altri paesi africani.

The Obbligazione issued by Absa Group ( South Africa ) , in ZAR, with the ISIN code ZAG000157215, pays a coupon of 1.875% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 28/02/2033

DocuSign Envelope ID: 04D96569-15D2-40D3-8030-A93BEC096632

APPLICABLE PRICING SUPPLEMENT
ABSA BANK LIMITED

(incorporated in the Republic of South Africa with limited liability under company registration
number 1986/004794/06)
Issue of ZAR554,000,000 Limited Index-Linked Notes due February 2033
under its ZAR40,000,000,000 Master Structured Note Programme registered with 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 dated 7 November 2018 and registered with the JSE on or about
31 October 2018, 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.
With effect from the date on which this Applicable Pricing Supplement is signed, this Applicable
Pricing Supplement shal replace and supersede the any previous Applicable Pricing Supplement in
all respects and this Applicable Pricing Supplement shall constitute the only pricing supplement
relating to the Notes of this Tranche.
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
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.

DocuSign Envelope ID: 04D96569-15D2-40D3-8030-A93BEC096632

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 (i ) 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
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:
Yes
4.
Issuance Currency:
ZAR (South African Rand)
5.
Series Number:
2019-10
6.
Tranche Number:
01
7.
Aggregate Nominal Amount:
ZAR554,000,000
8.
Interest:
Interest-bearing
9.
Interest Payment Basis:
Index Linked
10.
Automatic/Optional Conversion from Not Applicable
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
held by the Central Securities Depository.
12.
Issue Date:
18 February 2019
13.
Trade Date:
11 February 2019
14.
Nominal Amount per Note:
ZAR1,000,000
2

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15.
Specified Denomination:
ZAR1,000,000 per Note.
(Notes are subject to a minimum
denomination of ZAR1,000,000 (One Million
South African Rand)).
16.
Issue Price:
91.39238% (Ninety one point three nine two
three eight per cent.)
17.
Yield:
4.1448% (real NACS)
18.
Interest Commencement Date:
28 February 2019
19.
Maturity Date:
28 February 2033
20.
Applicable Business Day
Fol owing Business Day Convention
Convention:
21.
Definition of Business Day (if
Not different from definition in Glossary.
different from that set out in the
Glossary of Terms:
22.
Final Redemption Amount:
The Final Redemption Amount per Note will
be equal to the Capital Value of the Note as
determined in accordance with the provisions
of Paragraph 26(c) below.
23.
Last Date to Register:
11 calendar days before each Interest
Payment Date, i.e. each 17 February and 20
August of each calendar year or close of
business on the business day immediately
preceding the first day of a books closed
period during the period commencing on the
Issue Date and ending on the Maturity Date.
24.
Books Closed Periods:
The Register will be closed for 10 calendar
days prior to each Interest Payment Date, i.e.
from each 18 February to the relevant
Interest Payment Date and from each 21
August to the relevant Interest Payment Date
of each calendar year during the period
commencing on the Issue Date and ending
on the Maturity Date.
25.
Value of aggregate Nominal Amount ZAR 18,296,367,965.66
of all Notes issued under the
Structured Note Programme as at
the Issue Date
INDEX LINKED NOTES
Applicable
3

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26.

(a) Type of Index Linked Notes:
Indexed Interest and Indexed Redemption
Amount Notes
(b) Index by reference to which
Headline Consumer Price Index (for all urban
Interest Rate is to be
areas) Statistical Release P0141 or any
determined:
successor index and/or successor page.
(c)
Manner in which the Interest
(i) Final Redemption Amount:
Rate / Final Redemption
If a Note is redeemed on the Maturity
Amount is to be determined:
Date, the Final Redemption Amount of
such Note will be equal to the Capital
Value of that Note at the Maturity Date.
The Capital Value of a Note wil be
determined and calculated by the Issuer
according to the following formula:
CV=SD*Index RatioDate
Where:
"CV" means the Capital Value of the
relevant Note;
"SD" means the Specified Denomination
of the relevant Note as specified above;
"*" means "multiplied by";
"Index RatioDate" means a number
determined and calculated by the Issuer in
accordance with the formula:

RefCPI
Index Ratio
Date
Date =

Base CPI
Where:
"Base CPI" means 91.059833923998%
"RefCPIDate" means in respect of a date on
which a determination is to be made (the
"Date"), the level of the CPI ("Reference
CPI") as determined by the Issuer as
follows:
(a) if the relevant Date is the first day of a
calendar month, RefCPIDate is the level
of CPI for the fourth calendar month
preceding the calendar month in which
the relevant Date occurs; and
4

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(b) if the relevant Date occurs on any day
other than the first day of any calendar
month, then RefCPIDate will be
determined by the Issuer in accordance
with the following formula:
t-1
RefCPIDate= RefCPIj + ( ) *(RefCPI
D
j+1
- RefCPIj)
Where:
"RefCPIDate" means the relevant
Reference CPI for the relevant Date;
"RefCPIj" means the level of CPI for the
first day of the fourth calendar month
preceding the calendar month in which
relevant Date occurs;
"RefCPIj+1" means the level of CPI for
the first day of the third calendar month
preceding the calendar month in which
the relevant Date occurs;
"t" is the calendar day corresponding to
the relevant Date;
"D" is the number of days in the
calendar month in which the relevant
Date occurs.
(i ) Interest Amounts.
In respect of a Note and an Interest
Period, the Interest Amount (per Note) wil
be determined and calculated by the
Issuer in accordance with the following
formula:
C
IA=CV* ( )
2
Where:
"IA" means the relevant Interest Amount
applicable to the relevant Interest Period;
"CV" means the Capital Value of the
relevant Note as determined and
calculated by the Issuer as specified in (i)
above;
"C" means the Coupon, which is 1.875%
(one point eight seven five per cent.);
"*" means multiplied by.
5

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For purposes of this Applicable Pricing
Supplement the provisions of the 2008 ISDA
Inflation Derivatives Definitions (the
"Definitions") are incorporated by reference
if there is any inconsistency between the
provisions of this Applicable Pricing
Supplement and the provisions of the
Definitions, the provisions of this Applicable
Pricing Supplement will prevail in respect of
the Notes described herein.

Any changes to:
1) the index methodology
- any changes to the index methodology wil
be published on SENS and communicated to
the JSE.
2) other changes as detailed in the ground
rules
- all other changes as detailed in the ground
rules document will be published on the
following index calculator's website:
http://www.statssa.gov.za
3) frequency of publication of the level of the
index
- Monthly http://www.statssa.gov.za
(d) Interest Periods:
Means each 6 (six) month period
commencing on (and including) an Interest
Payment Date and ending on (but excluding)
the following Interest Payment Date;
provided that the first Interest Period wil
commence on (and include) the interest
commencement date and end on (but
exclude) 31 August 2019(each Interest
Payment date as adjusted in accordance with
the applicable Business Day Convention)
(e) Interest Payment Dates:
Means each of (28 February and 31 Augustof
each year commencing on 31 August 2019
or, if such day is not a Business Day, the
Business Day on which the interest wil be
paid, as determined in accordance with the
applicable Business Day Convention (as
specified in this Applicable Pricing
Supplement)
6

DocuSign Envelope ID: 04D96569-15D2-40D3-8030-A93BEC096632

(f)
Base CPI for Indexed-Linked
91.059833923998%
Notes:
(g) Index Calculation Agent:
Statistics South Africa or its successor
(h) Provisions where calculation by
The fall back provisions of the 2008 ISDA
reference to Index and/or
Inflation Derivatives Definitions incorporated
Formula is impossible or
by reference in this Applicable Pricing
impracticable:
Supplement wil be applied under these
circumstances. If an adjustment to the
Consumer Price Index is made, the
provisions of the "Terms and Conditions of
Issue" of the Republic of South Africa
Government Issue Loan Number I2033" are
hereby incorporated by reference.
(i)
Minimum Interest Rate:
Not Applicable
(j)
Maximum Interest Rate:
Not Applicable
(k)
Other terms relating to the
Not Applicable
method of calculating interest
(e.g.: Day Count Fraction,
rounding up provision):
(l)
Other terms relating to Index
Not Applicable
Linked Notes:
(m) Calendar Month:
For purposes of the Notes the term "calendar
month" means each of the named months of
the Gregorian Calendar commencing on the
first day of such month and ending on the
last day of such month.
PROVISIONS REGARDING

REDEMPTION/MATURITY
27.
Redemption at the option of the
No
Issuer:
28.
Redemption at the Option of
No
Noteholders:
29.
Early Redemption Amount(s)
Yes
payable on redemption for taxation
reasons, Change in Law or on Event
of Default (if required).
If yes:

7

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(a)
Amount payable; or
The Early Redemption Amount determined
by the Calculation Agent in accordance with
Condition 8.5 (Early Redemption Amounts) of
the Terms and Conditions of the Notes.
(b)
Method of calculation of
Not Applicable
amount payable:
GENERAL

30.
Financial Exchange:
Johannesburg Stock Exchange
31.
Calculation Agent:
Absa Bank Limited acting through its Absa
Corporate and Investment Banking Division
or its successor.
32.
Paying Agent:
Absa Bank Limited acting through its Absa
Corporate and Investment Banking Division
or its successor.
33.
Specified office of the Paying Agent
15 Alice Lane
and Calculation Agent:
Sandton
2196
Gauteng
Republic of South Africa
34.
Settlement Agent:
Standard Chartered Bank
35.
Specified office of the Settlement
4 Sandown Valley Crescent, Sandton, South
Agent
Africa
36.
Provisions relating to stabilisation:
Not Applicable
37.
Stabilising manager:
Not Applicable
38.
Additional selling restrictions:
Not Applicable
39.
ISIN No.:
ZAG000157215
40.
Stock Code:
ASN319
41.
Method of distribution:
Private Placement
42.
If syndicated, names of Managers:
Not Applicable
43.
If non-syndicated, name of Dealer:
Absa Bank Limited acting through its Absa
Corporate and Investment Banking Division
or its successor.
8

DocuSign Envelope ID: 04D96569-15D2-40D3-8030-A93BEC096632

44.
Governing law:
Law of the Republic of South Africa.
45.
Use of proceeds:
General corporate purposes
46.
Issuer Rating on Issue Date
Issuer Rating: Aa1.za being the National
Long-Term Credit Rating as assigned by
Moody's on 20 June 2018 2018 and to be
reviewed by Moody's from time to time.
47.
Pricing Methodology:
Not Applicable
48.
Other provisions:
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 words
"provided that this exception will only
apply to that portion of the withholding
or deduction which could lawfully have
been so reduced",
(i )
the deletion of Condition 9.8, and
(i i) 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
9

DocuSign Envelope ID: 04D96569-15D2-40D3-8030-A93BEC096632

conform to, such directive; or
9.9 held by or on behalf of a
Noteholder in circumstances
where such party could lawfully
reduce the amount of taxation
otherwise levied or leviable upon
the principal or interest by virtue
of any tax treaty or non-South
African tax laws applicable to
such Noteholder, whether by way
of a tax credit, rebate deduction
or reduction equal to all or part of
the amount withheld or otherwise,
and whether or not it is actual y
claimed and/or granted and/or
allowed; or
9.10 in respect of any present or future
taxes, duties, assessments or
governmental charges of
whatever nature which are
payable otherwise than by
withholding from payment of
principal or interest, if any, with
respect to such Note; or
9.11 where any combination of the
scenarios or occurrences
contemplated in Conditions 9.1 to
9.10 above occurs, the Issuer is
not liable for or otherwise obliged
to pay any taxes that may arise
as a result of the ownership,
transfer or redemption of any
Note.
If the Issuer becomes subject generally
at any time to any taxing jurisdiction,
authority or agency other than or in
addition to the Republic of South
Africa, references in Condition 8.2
(Redemption for Tax Reasons or due
to a Change in Law) and Condition 9
10