| Wed 15 Jan 2025, 17:45 | | Credit Event Announcement in respect of SBC095 |
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Credit Event Announcement in respect of SBC095
THE STANDARD BANK OF SOUTH AFRICA LIMITED (REGISTRATION NUMBER
1962/000738/06) – Credit Event Announcement in respect of SBC095
NOTICE IS GIVEN TO ALL HOLDERS OF SBC095 ZAR25,000,000 S&P Dow
Jones iTRAXX® Europe Crossover Series 42 LISTED NOTE DUE
20 December 2029 (Stock Code: SBC095 and ISIN Code: ZAG000211699)
(the "Note") issued in terms of The Standard Bank of South Africa
Limited's Structured Note Programme (the "Programme")) on
02 January 2025. 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 not accrue in respect of the Portion relating to
Intrum (such Portion the "Affected Portion") with effect from
the Issue 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;
B. the Calculation Agent will determine the Credit Event
Redemption Amount in respect of the Affected Portion (which
amount may be positive or negative); and
C. the Issuer will, as soon as reasonably practicable following
the determination of the Credit Event Redemption Amount and
the applicable amended FO, notify the Noteholders of all of
the amendments made to such Affected Portion of the Note as
set out in (A) and(B) above.
Notice is given to Noteholders for information purposes only. No
action is required by Noteholders.
Dated 15 January 2025
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: 15-01-2025 05:45:00
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