| Thu 12 Dec 2024, 8:45 | | THE STANDARD BANK OF SOUTH AFRICA LIMITED Credit Event Announcement in respect of SBC060 |
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THE STANDARD BANK OF SOUTH AFRICA LIMITED Credit Event Announcement in respect of SBC060
THE STANDARD BANK OF SOUTH AFRICA LIMITED (REGISTRATION NUMBER
1962/000738/06) – Credit Event Announcement in respect of SBC060
NOTICE IS GIVEN TO ALL HOLDERS OF SBC060 ZAR250,000,000 S&P Dow
Jones iTRAXX® Europe Crossover Series 41 LISTED NOTE DUE
20 June 2029 (Stock Code: SBC060 and ISIN Code: ZAG000207556) (the
"Note") issued in terms of The Standard Bank of South Africa
Limited's Structured Note Programme (the "Programme")) on 31 July
2024. 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 a Credit Event Determination Date has
occurred under the terms of the Note in respect of the Portion
relating to Intrum AB ("Intrum") due to the fact that following
the Credit Event Resolution Request Date of 18 November 2024, ISDA
has on 19 November 2024 publicly announced that the relevant Credit
Derivatives Determinations Committee has Resolved that a
Bankruptcy Credit Event had occurred in respect of Intrum, 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 Credit 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 Intrum (such Portion the "Affected Portion") with
effect from 20 September 2024, 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 such portion will be amended to
be equal to the Issuer's ZAR term funding rate on the
Calculation Date as determined by the Calculation Agent
in a commercially reasonable manner;
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 12 December 2024
Sponsor – The Standard Bank of South Africa Limited
For further information on the Note issued please contact:
Johann Erasmus SBSA (Sponsor)
Email: johann.erasmus@standardbank.co.za
Date: 12-12-2024 08:45:00
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