Obbligazione Absa Bank 0% ( ZAG000169186 ) in ZAR

Absa Bank

100 ZAR ⇌

Sudafrica

ZAG000169186 ( in ZAR )

21/12/2026

Prospetto opuscolo dell'obbligazione Absa Bank ZAG000169186 en ZAR 0%, scadenza 21/12/2026

1 000 ZAR

40 000 000 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.

L'obbligazione Absa Bank con codice ISIN ZAG000169186, emessa in Sudafrica in ZAR per un totale di 40.000.000, a tasso zero, con scadenza il 21/12/2026, quota minima di acquisto di 1.000 e frequenza di pagamento degli interessi annuale, è attualmente negoziata al 100%.

DocuSign Envelope ID: 3B6E4E8F-7EF6-48D3-BC7E-FA08B0B5D97B

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 40,000,000 R186 Credit-Linked Notes
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.

150323v1

DocuSign Envelope ID: 3B6E4E8F-7EF6-48D3-BC7E-FA08B0B5D97B

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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 2014 Credit Linked Notes Applicable Product Supplement
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 49
7.
Tranche Number:
1
8.
Aggregate Nominal Amount:

(a)
Series:
ZAR 40,000,000 (Forty Million South African Rand)
(b)
Tranche:
ZAR 40,000,000 (Forty Million South African Rand)
9.
Interest:
Interest-bearing
10.
Interest Payment Basis:
Floating Rate Notes / Instalment Notes
11.
Automatic/Optional
Not Applicable
Conversion from one

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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:
01 July 2020
14.
Trade Date:
24 June 2020
15.
Specified Denomination:
ZAR1,000,000 per Note.
16.
Issue Price:
100%
17.
Interest Commencement Date Issue Date
18.
Maturity Date:
21 December 2026, subject to the below condition
If South Africa National Treasury splits the Reference
Obligation, the Instalment Note provisions will apply and these
will be communicated via SENS in due course

19.
Applicable Business Day Fol owing Business Day Convention
Convention:
20.
Business Days:
Johannesburg
21.
Final Redemption Amount:
see Instalment Note provisions
22.
Credit Event Backstop Date:
Applicable
23.
Last Date to Register:
The 11th (eleventh) calendar day before each Floating Interest
Payment Date, i.e. each of the 10th March, the 10th June, the
10th September and the 10th December of each calendar 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 for a period of 10 (ten) calendar
days prior to each Floating Interest Payment Date and prior to
the Maturity Date, i.e. each of the following periods, the 11th of
March to the 21st March, the 11th June to the 21st June, the
11th September to the 21st September and the 11th December
to the 21st December of each calendar year during the term of
the Notes, the first 10 calendar days period being the 11th

DocuSign Envelope ID: 3B6E4E8F-7EF6-48D3-BC7E-FA08B0B5D97B

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September 2020 to the 21st September 2020 and the last
period being the 10 day period ending with the Maturity Date
25.
Value of aggregate Nominal ZAR 24,516,419,221.30
Amount of all Notes issued
under the Structured Note
Programme as at the Issue
Date:
FLOATING RATE NOTES:

26.
(a)
Floating
Interest Each of the 21 March, the 21 June, the 21 September and the
Payment Dates:
21 December of each calendar year during the term of the
Notes, commencing on the 21 September 2020 and ending on
the Maturity Date or, if such day is not a Business Day, the
Business Day on which interest wil be paid, as determined in
accordance with the Applicable Business Day Convention (as
specified in this Applicable Pricing Supplement)
(b)
Minimum
Interest Not Applicable
Rate:
(c)
Maximum
Interest Not Applicable
Rate:
(d)
Other terms relating
The Day Count Fraction is Actual/365 (Fixed).
to the 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:
330 basis points (or 3.30%) to be added to the relevant
Reference Rate.
(h)
If
Screen
Determination:
(i)
Reference
ZAR-JIBAR-SAFEX (3 months)
Rate
(including
relevant

DocuSign Envelope ID: 3B6E4E8F-7EF6-48D3-BC7E-FA08B0B5D97B

5
period by
reference to
which the
Interest Rate
is to be
calculated):
(ii)
Interest Rate
The first Interest Determination Date will be the Issue Date
Determination i.e. the 1st July 2020, thereafter each of 21st December,
Dates:
21st March, 21st June and 21st September in each calendar
year, during the term of the Notes, commencing on the
Issue Date and ending on the 21st September 2026 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.
(ii )
Relevant
Reuters RIC <SFX3MYLD> on Reuters Page "SAFEY" (Page
Screen Page
number ZA01209).
and
Reference
Code:
(i)
If Interest Rate to be
Not Applicable
calculated otherwise
than Screen
Determination, insert
basis for determining
Interest Rate/Margin/
Fal back provisions:
(j)
Calculation Agent
Absa Corporate and Investment Banking (a division of Absa
responsible for
Bank Limited) or an affiliate thereof, acting in good faith and
calculating amount of in a commercially reasonable manner.
principal and 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).

DocuSign Envelope ID: 3B6E4E8F-7EF6-48D3-BC7E-FA08B0B5D97B

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INSTALMENT NOTES:
Applicable
27.
Instalment Dates:
21 December 2025, 21 December 2026, 21 December 2027 or
if no principal payment is made on the Reference Obligation on
these dates, the Business Day on which the principal amount is
paid on the Reference Obligation, as determined in accordance
with the Applicable Business Day Convention.
28.
Instalment Amounts:
The Instalment Amount payable will be calculated in
accordance with the fol owing formula:
A divided by Leverage

Where:
"A" means the amount of principal payment made on the
relevant Instalment Date in respect of the Reference Obligation
with an original Nominal Amount equal to the Reference
Obligation Aggregate Nominal Amount.
""Leverage" is equal to 2.
CREDIT EVENT REDEMPTION:

29.
Type of Credit Linked Note:
Single Name CLN
30.
Redemption at Maturity:
Final Redemption Amount
31.
Redemption following the
Applicable
occurrence of Credit Events:
32.
Extension interest:
Not Applicable
33.
Reference Entity:
Republic of South Africa
The Issuer of the Reference Obligation is listed on the interest
34.
Financial Statements of the
rate market of JSE and as per rule 4.22(cc)(iv)(1) of the JSE
Reference Entity:
Debt Listings Requirements, no additional information is
required to be provided herein
35.
Standard Reference
Not Applicable
Obligation:
36.
Reference Obligation:
The obligation identified as follows:
Primary Obligor: Republic of South Africa
Maturity Date: 21 December 2026

DocuSign Envelope ID: 3B6E4E8F-7EF6-48D3-BC7E-FA08B0B5D97B

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Coupon: 10.5%
CUSIP/ISIN: ZAG000016320
37.
Substitute Reference
Applicable
Obligation:
38.
Transaction Type:
Not Applicable
39.
Al Guarantees:
Applicable
40.
Conditions to Settlement:
Applicable
Credit Event Notice: Applicable
Notice of Publicly Available Information: Applicable
41.
Credit Events:
The following Credit Events apply:
Bankruptcy
Failure to Pay
Grace Period Extension: Applicable
Grace Period: 30 calendar days
Payment Requirement: ZAR 10,000,000
Obligation Acceleration
Repudiation/Moratorium
Restructuring
Default Requirement: ZAR 25,000,000
Mod R: Not Applicable
Mod Mod R: Not Applicable
Multiple Holder Obligation: Not Applicable
Governmental Intervention

42.
Credit Event Accrued Interest: Not Applicable
43.
Obligations:
Obligation Category: Reference Obligation Only
Obligation Characteristics: None
44.
Excluded Obligations:
None

DocuSign Envelope ID: 3B6E4E8F-7EF6-48D3-BC7E-FA08B0B5D97B

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45.
Issuer
CLN
Settlement Not Applicable
Option:
SETTLEMENT:

46.
(a) CLN Settlement Method
Cash Settlement
Credit Event Redemption
Means in respect of each Note an amount equal to the CLN
Amount
Cash Settlement Amount (as defined below) minus such
Note's pro rata share of the Settlement Expenses.
CLN Cash Settlement
Means an amount in ZAR calculated by the Calculation Agent,
Amount
which amount shall not be less than zero, equal to:
(i)
The amount equal to: the product of (a) the
Reference Obligation Outstanding Nominal Amount
and (b) Final Price; minus

(ii)
Reference Obligation Outstanding Nominal Amount
divided by Leverage; plus

(ii )
the Hedging Costs (as defined below).

"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 (in
which case expressed as a negative number) or gain (in which
case expressed as a positive 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 swap position or
funding arrangements entered into by it (including with its
internal treasury function) specifically in connection with the
Notes.

"Reference Obligation Aggregate Nominal Amount" means
ZAR 80,000,000 on Trade Date.
"Reference Obligation Outstanding Nominal Amount"
means with respect to the Reference Obligation and on any
date, the outstanding principal amount for the Reference
Obligation
PROVISIONS REGARDING

REDEMPTION / MATURITY
47.
Redemption at the option of
Yes in the event of an (i) Early Redemption Trigger Event as
the Issuer:
described in paragraph A below and; (ii) in the event of an
Optional Call Redemption Event as described in paragraph B
below.

DocuSign Envelope ID: 3B6E4E8F-7EF6-48D3-BC7E-FA08B0B5D97B

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If yes:

A. Early Redemption

Trigger Event:
(a) Optional Redemption
If at any time on any day prior to the redemption of the Notes,
Date(s):
the following event occurs, as determined by the Calculation
Agent in a commercially reasonable manner ("Trigger Event"
and the date on which the Trigger Event occurs being the
"Trigger Event Determination Date"), the Issuer may elect, in
its sole and absolute discretion, to redeem the Notes on the
Optional Redemption Date notified by the Issuer to the
Noteholder(s) in a Trigger Redemption Notice and at the
Optional Redemption Amount determined in accordance with
paragraph (b) below:

1) the Note NAV expressed in ZAR is less than or equal to the
Trigger NAV.

Where:
"Note NAV" means on any day an amount in ZAR
determined by the Calculation Agent in a commercially
reasonable manner, which amount shal not be less
than zero, equal to the sum of the market value of the
Hedging Instruments (as defined below).

"Trigger NAV" means 40% of the Aggregate Nominal Amount
of the Notes.

"Hedging Instruments" means in respect of the Notes all
related hedging instruments entered into by the Issuer including
without limitation, any interest rate swaps, funding instruments
and other derivative instruments.

In making any determination, the Calculation Agent may take
into account prevailing market prices and/or proprietary pricing
models or, where these pricing methods may not yield a
commercially reasonable result, may estimate such amount in
good faith and in a commercially reasonable manner.

DocuSign Envelope ID: 3B6E4E8F-7EF6-48D3-BC7E-FA08B0B5D97B

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(b) Optional Redemption
An amount in ZAR determined by the Calculation Agent in a
Amount(s) and method, if commercially reasonable manner as soon as reasonably
any, of calculation of such practicable following the Trigger Event Determination Date,
amount(s)
which amount shall not be less than zero, equal the sum of:
(i)
the mark-to-market of all the related Hedging
Instruments;
(ii)
Hedging Costs; and
(ii )
Settlement Expenses.

(c) Minimum period of notice The minimum period of written or oral notice for the purposes of
(if different from
this provision shall be one (1) Business Day and the notice shall
Condition 8.3
be called a "Trigger Redemption Notice".
(Redemption at the
Option of the Issuer))

B Optional Call Redemption
Event:
(d) Optional Call Redemption The Issuer may elect, in its sole and absolute discretion, to
Event:
redeem the Notes on the Optional Call Redemption Date, as
notified by the Issuer to the Noteholder(s) in an Optional Call
Redemption Notice and at the Optional Call Redemption
Amount as determined in accordance with paragraph (f) below:

(e) Optional Call Redemption 1 July 2023, subject to Applicable Business Day Convention
Date:
(f) Optional Call
An amount in ZAR as determined by the Calculation Agent
Redemption Amount:
equal to the sum of:
(i)
The Aggregate Nominal Amount of the Note; plus
(ii)
Any accrued interest from the last Interest Payment
Date until (but excluding) the Optional Cal
Redemption Date.
(g) Minimum period of notice The minimum period of written or oral notice for the purposes
of this provision shal be seven (7) Business Days and the
notice shal be called a "Optional Call Redemption Notice".

48.
Redemption at the Option of
No
Noteholders:

49.
Early Redemption Amount(s)
Yes
payable on redemption for
taxation reasons, Change in