Obbligazione Absa Bank 0% ( ZAG000168782 ) in ZAR

Absa Bank

100 ZAR ▲

Sudafrica

ZAG000168782 ( in ZAR )

17/06/2021 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Absa Bank ZAG000168782 in ZAR 0%, scaduta

1 000 ZAR

250 000 000 ZAR

The Obbligazione issued by Absa Bank ( South Africa ) , in ZAR, with the ISIN code ZAG000168782, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 17/06/2021

DocuSign Envelope ID: E94C2303-9DB8-4B5E-B0C1-6B78DC7AD2A3

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 ZAR 250,000,000 FirstRand Bank Limited Credit-Linked Notes due June 2021
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 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 shall 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: E94C2303-9DB8-4B5E-B0C1-6B78DC7AD2A3

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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:
2014 Credit Linked Notes Applicable Product Supplement
contained in Section IV-B of the Master Programme
Memorandum.
3.
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.)
4.
Listing:
Listed Notes
5.
Issuance Currency:
ZAR (South African Rand)
6.
Series Number:
2020 39
7.
Tranche Number:
1
8.
Aggregate Nominal Amount:

(a)
Series:
ZAR 250,000,000 (Two Hundred and Fifty Million South
African Rand)
(b)
Tranche:
ZAR 250,000,000 (Two Hundred and Fifty Million South
African Rand)
9.
Interest:
Interest-bearing

DocuSign Envelope ID: E94C2303-9DB8-4B5E-B0C1-6B78DC7AD2A3

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10.
Interest Payment Basis:
Floating Rate Notes
11.
Automatic/Optional Conversion
Not Applicable
from one
Interest/Redemption/Payment Basis
to another:
12.
Form of Notes:
Registered Listed Notes: The Notes in this Tranche will be
issued in uncertificated form and held by the CSD.
13.
Issue Date:
17 June 2020
14.
Trade Date:
09 June 2020
15.
Specified Denomination:
ZAR1,000,000 per Note.
16.
Issue Price:
100%
17.
Interest Commencement Date
Issue Date
18.
Maturity Date:
17 June 2021
19.
Applicable Business Day Convention: Following Business Day Convention.
20.
Business Days:
Johannesburg
21.
Final Redemption Amount:
ZAR 250,000,000 (Two Hundred and Fifty Million South
African Rand)
22.
Credit Event Backstop Date:
Not Applicable
23.
Last Date to Register:
11 calendar days before each Floating Interest Payment
Date, i.e. 6th September, 6th December, 6th March and 6th
June in each year or if such day is not a business day then
the 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 from 10 calendar days before
each Floating Interest Payment Date i.e. from 7th
September to 17th September, 7th December to 17th

DocuSign Envelope ID: E94C2303-9DB8-4B5E-B0C1-6B78DC7AD2A3

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December, 7th March to 17th March and 7th June to 17th
June in each year until the Maturity.
ZAR 23,671,040,221.30
25.
Value of aggregate Nominal Amount
of all Notes issued under the
Structured Note Programme as at the
Issue Date:
FLOATING RATE LEG:

17th September, 17th December, 17th March and 17th June
26.
(a)
Floating Interest Payment in each year with the first Floating Interest Payment Date
Dates:
being 17th September 2020 ending on the Maturity Date
or, if such day is not a Business Day, the Business Day on
which interest will be paid, as determined in accordance
with the Applicable Business Day Convention (as specified
in this Applicable Pricing Supplement).
(b)
Minimum Interest Rate:
Not Applicable
(c)
Maximum Interest Rate:
Not Applicable
(d)
Other terms relating to the
Day Count Fraction is Actual/365 (fixed)
method of calculating
interest (e.g.: Day Count
Fraction, rounding up
provision):
(e)
Manner in which the
Screen Rate Determination
Interest Rate is to be
determined:
(f)
Margin:
110 basis points (or 1.10%) to be added to the relevant
Reference Rate
(h)
If Screen Determination:

(i)
Reference Rate
ZAR-JIBAR-SAFEX (3 months)
(including relevant
period by reference
to which the Interest
Rate is to be
calculated):

DocuSign Envelope ID: E94C2303-9DB8-4B5E-B0C1-6B78DC7AD2A3

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(ii)
Interest Rate
The first Interest Determination Date will be the Issue
Determination
Date i.e. the 17th June 2020, thereafter on 17th
Dates:
September, 17th December, 17th March and 17th June in
each calendar year, during the term of the Notes,
commencing on the Issue Date and ending on the 17th
March 2021 or if such day is not a Business Day, the
Business Day on which interest will be paid, as
determined in accordance with the Applicable Business
Day Convention.
(iii)
Relevant Screen
Reuters RIC <SFX3MYLD> on Reuters Page "SAFEY" (Page
Page and Reference
number ZA01209).
Code:
(i)
If Interest Rate to be
Not Applicable
calculated otherwise than
Screen Determination, insert
basis for determining
Interest Rate/Margin/
Fallback provisions:
(j)
Calculation Agent
Absa Corporate and Investment Banking (a division of
responsible for calculating
Absa Bank Limited) or an affiliate thereof, acting in good
amount of principal and
faith and in a commercially reasonable manner.
interest:
(k) Interest Period
Each 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 will commence on (and include) the Interest
Commencement Date and end on (but exclude) the
following Interest Payment Date (each Interest Payment
Date as adjusted in accordance with Following Business
Day Convention).
CREDIT EVENT REDEMPTION:

27.
Type of Credit Linked Note:
Single Name CLN
28.
Redemption at Maturity:
Final Redemption Amount
29.
Redemption following the
Applicable
occurrence of Credit Events:

DocuSign Envelope ID: E94C2303-9DB8-4B5E-B0C1-6B78DC7AD2A3

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30.
Extension interest:
Not Applicable
31.
Reference Entity:
FirstRand Bank Limited
The financial statements of the Reference Entity are
32.
Financial Statements of the
available at::
Reference Entity:
https://www.firstrand.co.za/investors/financial-results/
33.
Standard Reference Obligation:
Not Applicable
34.
Reference Obligation:
The obligation identified as follows:
Primary Obligor: FirstRand Bank Limited
Maturity: 15/09/2021
CUSIP/ISIN: ZAG000115858
35.
Transaction Type:
Not Applicable
36.
All Guarantees:
Applicable
37.
Conditions to Settlement:
Applicable
Credit Event Notice: Applicable
Notice of Publicly Available Information: Applicable
38.
Credit Events:
The following Credit Events apply:
Bankruptcy
Failure to Pay
Grace Period Extension: Applicable
Grace Period: 30 calendar days
Payment Requirement: ZAR10,000,000
Repudiation/Moratorium
Restructuring
Mod R: Not Applicable
Mod Mod R: Not Applicable
Multiple Holder Obligation: Applicable
Default Requirement: ZAR10,000,000

DocuSign Envelope ID: E94C2303-9DB8-4B5E-B0C1-6B78DC7AD2A3

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39.
Credit Event Accrued Interest:
Not Applicable
40.
Obligations:
Obligation Category: Borrowed Money
Obligation Characteristics: Not Subordinated
Specified Currency: ZAR
41.
Excluded Obligations:
Not Domestic Currency and Not Domestic Law
42.
Issuer CLN Settlement Option:
Not Applicable
43.
CLN Settlement Method:
Cash Settlement
Terms Relating to Cash Settlement:
Credit
Event
Redemption As specified in the 2014 Credit Linked Conditions.
Amount:
Credit Event Redemption Date:
5 (five) Business Days
CLN Valuation Date:
Single CLN Valuation Date. The CLN Valuation Date will be
determined by the Calculation Agent in its sole discretion
provided that such CLN Valuation Date is not more than
100 (one hundred) Business Days following date
determined by the Issuer in terms of the provisions
relating to the Event Determination Date specified in the
2014 Credit Linked Conditions, provided that the
Settlement Suspension provisions specified in the 2014
Credit Linked Conditions will apply to such time limit.
CLN Valuation Time:
As specified in the 2014 Credit Linked Conditions.
Quotation Method:
Bid
Quotation Amount:
As specified in the 2014 Credit Linked Conditions.
Minimum Quotation Amount:
As specified in the 2014 Credit Linked Conditions.
Valuation Method:
Highest
Accrued Interest:
Quotations Exclude Accrued Interest

DocuSign Envelope ID: E94C2303-9DB8-4B5E-B0C1-6B78DC7AD2A3

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Dealers:
As specified in the 2014 Credit Linked Conditions. Such
Dealers may include South African and/or non-South
African Dealers
Other Provisions:
Subparagraphs 20.10.3 and 20.10.4 in the definition of
"Quotation" in the 2014 Credit Linked Notes Applicable
Product Supplement contained in Section IV-B of the
Master Programme Memorandum will be deemed to be
deleted hereby and replaced with the following:
"If the Calculation Agent is unable to obtain at least two
(2) Full Quotations or a Weighted Average Quotation on
the same Business Day on or prior to the tenth (10th)
Business Day following the applicable CLN Valuation Date,
the Quotation will be calculated by the Issuer on the
eleventh (11th) Business Day by obtaining at least 5 (five)
Indicative Quotations on that Business Day and the
arithmetic mean of such Indicative Quotations,
disregarding the Indicative Quotation having the highest
and lowest values, will constitute the Quotation, failing
which the Quotation will be equal to be zero".
Where:
"Indicative Quotation" means, in accordance with the
Quotation Method, each quotation obtained from a Dealer
at the Valuation Time for (to the extent reasonably
practicable) an amount of the relevant Obligation equal to
the Quotation Amount, which reflects such Dealer's
reasonable assessment of the price of such Obligation
based on such factors as the Dealer may consider relevant,
which may include historical prices and recovery rates".
Fallback CLN Settlement Method
There is no other fallback settlement method other than
Cash Settlement
PROVISIONS REGARDING REDEMPTION /

MATURITY
44.
Redemption at the option of the
No
Issuer:

DocuSign Envelope ID: E94C2303-9DB8-4B5E-B0C1-6B78DC7AD2A3

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45.
Redemption at the Option of
No
Noteholders:
46.
Early Redemption Amount(s)
Yes
payable on redemption for taxation
reasons, Change in Law or on Event
of Default (if required):
If yes:

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

47.
Financial Exchange:
JSE Limited t/a The Johannesburg Stock Exchange
48.
Calculation & Paying Agent
Absa Corporate and Investment Banking (a division of
Absa Bank Limited) or an affiliate thereof.
49.
Calculation Agent City:
Johannesburg
50.
Specified office of the Calculation &
15 Alice Lane
Paying Agent:
Sandton
2196
Gauteng
Republic of South Africa
51.
Settlement Agent:
Standard Chartered Bank
52.
Specified office of the Settlement
4 Sandown Valley Crescent, Sandton, South Africa
Agent:
53.
Additional selling restrictions:
Not Applicable
54.
ISIN No.:
ZAG000168782

DocuSign Envelope ID: E94C2303-9DB8-4B5E-B0C1-6B78DC7AD2A3

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55.
Stock Code:
ASN444
56.
Method of distribution:
Private Placement
57.
If syndicated, names of Managers:
Not Applicable
58.
If non-syndicated, name of Dealer:
Absa Corporate and Investment Banking (a division of
Absa Bank Limited) or an affiliate thereof.
59.
Governing law:
The laws of the Republic of South Africa
60.
Issuer Rating on Issue Date:
Issuer Rating: zaAA being the National Long-Term Credit
Rating as assigned by Standard & Poor's on 26 November
2019 and to be reviewed by Standard & Poor's from time
to time.
61.
Issuer Central Securities Depositary
Standard Chartered Bank
Participant (CSDP):
62.
Debt Listing Requirements:
In accordance with Section 4.22 of the Debt Listing
Requirements, the Issuer confirms that the Programme
Amount has not been exceeded at the time of the issuing
of the Notes.
Condition 9 titled "Taxation" in the section II-A of the
63.
Other Provisions:
Master Programme Memorandum titled "Terms and
Conditions of the Notes" is 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 shall 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