Availability of the quarterly Investor Report - Nqa
Availability of the quarterly Investor Report - Nqa
NQABA FINANCE 1 (RF) LIMITED
Registration Number 2005/040050/07
(JSE Alpha code: NQA)
(“Nqaba" or the “issuer)
Bond Code ISIN No
NQ1A10 ZAG000077686
NQ1A24 ZAG000143991
NQ1A25 ZAG000144007
NQ1A27 ZAG000151531
NQ1A28 ZAG000159583
NQ1B10 ZAG000077702
NQ1B17 ZAG000126467
NQ1B20 ZAG000151549
NQ1B21 ZAG000159591
NQ1C10 ZAG000077694
NQ1C17 ZAG000126459
NQF1D5 ZAG000077678
Availability of the quarterly Investor Report for the period 24 May 2022 to 22 August 2022
Noteholders are advised that Nqaba’s quarterly Investor Report for the period 24 May 2022 to
22 August 2022 is available for viewing and downloading at:
https://www.eskom.co.za/wp-content/uploads/2022/09/Nqaba-Investor-Report-2022-03-22.pdf
The Issuer confirms that during the Period no underlying assets were subject to a demand to
repurchase or replace due to a breach of the representations and warranties.
Noteholders are reminded of the announcement on 23 August 2023, “Update of portfolio
covenant and remedy of breach”. The payroll deduction percentage portfolio covenant was
breached during the current measurement period. The percentage as at 31 July 2022 was
89.79% compared to the 90% portfolio covenant. The breach did not constitute an event of
default.
The issuer and GCR Ratings (the “Rating Agency”) agreed to a reduction to the payroll deduction
percentage portfolio covenant with effect from 26 August 2022 (being the date agreed with the
Rating Agency). The required minimum percentage was lowered by 1%, from 90% to 89%, in
accordance with the definition of "Required Minimum Payroll Deduction Percentage” per c laus e
1.240, read with the definition of “Most Recent Evaluation Date” per clause 1.164 of t he Nqaba
Asset Backed Note Programme. The breach was remedied accordingly.
The Issuer confirms that there were no other breaches to the rest of the portfolio covenants
during the measurement period. Notwithstanding the above, the Issuer may still not purchase
additional home loans due to the Early Amortisation event that occurred on 31 July 2020.
For further information, please contact:
Eskom Finance Company SOC Ltd
Megawatt Park
Maxwell Drive
Sunninghill
2157
Ettienne Bester
Tel +27 11 800 5405
Email: besteret@eskom.co.za
Johannesburg
08 September 2022
Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Bank division)
Date: 08-09-2022 02:59:00
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