| Fri 14 Dec 2018, 15:00 | | THE STANDARD BANK OF SOUTH AFRICA LIMITED - Credit Event Announcement in respect of CLN393 |
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CLN393 201812140068A
Credit Event Announcement in respect of CLN393
THE STANDARD BANK OF SOUTH AFRICA LIMITED
(REGISTRATION NUMBER
1962/000738/06)
Credit Event Announcement in respect of CLN393
NOTICE IS GIVEN TO ALL HOLDERS OF CLN393 ZAR44,467,353.52
iTRAXX® EUROPE CROSSOVER SERIES 22 LISTED NOTE DUE
20 DECEMBER 2019 (Stock Code: CLN393 and ISIN Code:
ZAG000120841) (the "Note") issued in terms of The Standard Bank
of South Africa Limited’s Structured Note Programme (the
"Programme")) on 24 October 2014. Capitalised terms used and
not otherwise defined in this announcement have the meaning
given to them in the Pricing Supplement of the Note, as read
with the Programme Memorandum.
Notice is hereby given that an Event Determination Date has
occurred under the terms of the Note: the Conditions to
Settlement have been satisfied in respect of the Portion
relating to Astaldi SpA ("Astaldi") due to the fact that
following the Credit Event Resolution Request Date of
01 October 2018, ISDA has on 09 October 2018 publicly announced
that the relevant Credit Derivatives Determinations Committee
has Resolved that a Bankruptcy Credit Event had occurred in
respect of Astaldi, which is one of the Reference Entities
included in the Index, as listed in the Relevant Annex.
As a result of the occurrence of the Event Determination Date,
the following will occur in accordance with the provisions of
the Pricing Supplement:
A. interest will cease to accrue in respect of the Portion
relating to Astaldi (such Portion the "Affected Portion")
with effect from 20 September 2018, being the Interest
Payment Date occurring immediately prior to the Event
Determination Date, until the day which is 5 Business Days
following the determination of the Final Price or the
publication of the Auction Final Price, as the case may be,
such day the "Calculation Date";
B. the Calculation Agent will determine the Cash Settlement
Amount in respect of the Affected Portion;
C. with effect from the Calculation Date:
(i) the Credit Linked Conditions will no longer apply in
respect of the Affected Portion;
(ii) the Nominal Amount of the Affected Portion will be
amended to be equal to the Cash Settlement Amount
determined in respect of such Affected Portion (which
amount may be positive or negative);
(iii) the Margin applicable to the Affected Portion will be
amended to be equal to the offer rate (in the case of
a positive Cash Settlement Amount) or the bid rate
(in the case of a negative Cash Settlement Amount)
quoted by the Issuer at 11:00 a.m. (Johannesburg
time) on the Calculation Date on the Reuters Screen
SBID (or any successor page) for negotiable
certificates of deposit with a term closest to the
term remaining from such date to the Scheduled
Maturity Date, or if such rate is not available at
such time, determined by the Calculation Agent in a
commercially reasonable manner; and
D. the Issuer will, as soon as reasonably practicable
following the determination of the Cash Settlement Amount
and the applicable Margin, notify the Noteholders of all of
the amendments made to such Affected Portion of the Note as
set out in (A) to (C) above.
Notice is given to Noteholders for information purposes only.
No action is required by Noteholders.
Dated 14 December 2018
Sponsor – The Standard Bank of South Africa Limited
Further information on the Note issued please contact:
Johann Erasmus SBSA (Sponsor)
Email: johann.erasmus@standardbank.co.za
Date: 14/12/2018 03:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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