Bond Absa Bank 0% ( ZAG000169475 ) in ZAR

Issuer Absa Bank
Market price 100 %  ⇌ 
Country  South Africa
ISIN code  ZAG000169475 ( in ZAR )
Interest rate 0%
Maturity 20/03/2023 - Bond has expired



Prospectus brochure of the bond Absa Bank ZAG000169475 in ZAR 0%, expired


Minimal amount 1 000 ZAR
Total amount 50 000 000 ZAR
Detailed description The Bond issued by Absa Bank ( South Africa ) , in ZAR, with the ISIN code ZAG000169475, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Bond maturity is 20/03/2023







DocuSign Envelope ID: D162FD44-03BB-4BF5-8389-273E60D4AA04



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 50,000,000 Republic of South Africa Credit-Linked Notes due March 2023
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 shal 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.
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.




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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 ­ 54
7.
Tranche Number:
1
8.
Aggregate Nominal Amount:

(a)
Series:
ZAR 50,000,000 (Fifty Mil ion South African Rand)
(b)
Tranche:
ZAR 50,000,000 (Fifty Mil ion South African Rand)
9.
Interest:
Interest-bearing
10.
Interest Payment Basis:
Floating Rate Notes
11.
Automatic/Optional Conversion Not Applicable
from one
Interest/Redemption/Payment
Basis to another:
12.
Form of Notes:
Registered Listed Notes: The Notes in this Tranche wil be issued
in uncertificated form and held by the CSD
13.
Issue Date:
14th July 2020




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14.
Trade Date:
7th July 2020
15.
Specified Denomination:
ZAR1,000,000 per Note.
16.
Issue Price:
100%
17.
Interest Commencement Date
Issue Date
18.
Maturity Date:
20 March 2023
19.
Applicable
Business
Day Following Business Day Convention
Convention:
20.
Business Days:
Johannesburg, New York and London
21.
Final Redemption Amount:
ZAR 50,000,000 (Fifty Mil ion South African Rand)
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 09th March, the 09th June, the 09th
September and the 09th 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 10th of March
to the 20th March, the 10th June to the 20th June, the 10th
September to the 20th September and the 10th December to the
20th December of each calendar year during the term of the
Notes, the first 10 calendar days period being the 10th September
2020 to the 20th September 2020 and the last period being the
10th March 2023 to the 20th March 2023
25.
Value of aggregate Nominal ZAR 23,411,521,887.96
Amount of all Notes issued
under the Structured Note
Programme as at the Issue
Date:
FLOATING RATE LEG:

26.
(a)
Floating
Interest Each of the 20 March, the 20 June, the 20 September and the 20
Payment Dates:
December of each calendar year during the term of the Notes,
commencing on the 20 September 2020 and ending on the 20




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March 2023 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 (as specified in this
Applicable Pricing Supplement),
(b)
Minimum Interest Rate: Not Applicable
(c)
Maximum
Interest Not Applicable
Rate:
(d)
Other terms relating to
The Day Count Fraction is Actual/365 (Fixed).
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:
300 basis points (or 3.00%) to be added to the relevant
Reference Rate.
(h)
If
Screen
Determination:
(i)
Reference
ZAR-JIBAR-SAFEX (3 months)
Rate (including
relevant period
by reference to
which the
Interest Rate is
to be
calculated):
(i )
Interest Rate
The first Interest Determination Date wil be the Issue Date i.e.
Determination
the 14th July 2020, thereafter each of 20th September, 20th
Dates:
December, 20th March and 20th June in each calendar year,
during the term of the Notes, commencing on the Issue Date
and ending on the 20th December 2022 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.
(i i)
Relevant
Reuters RIC <SFX3MYLD> on Reuters Page "SAFEY" (Page
Screen Page
number ZA01209).




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and Reference
Code:
(i)
If Interest Rate to be
Not Applicable
calculated otherwise
than Screen
Determination, insert
basis for determining
Interest Rate/Margin/
Fallback provisions:
(j)
Calculation Agent
Absa Corporate and Investment Banking (a division of Absa Bank
responsible for
Limited) or an affiliate thereof.
calculating amount of
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).
CREDIT EVENT REDEMPTION:

27.
Type of Credit Linked Note:
Single Name CLN
28.
Redemption at Maturity:
Final Redemption Amount
29.
Redemption following the
Applicable
occurrence of Credit Events:
30.
Extension interest:
Not Applicable
31.
Reference Entity:
Republic of South Africa
32.
Financial Statements of the
The financial statements of the Reference Entity are available at:
Reference Entity:
The Issuer of the Reference Obligation is listed on the Interest
Rate Market of the JSE Limited and therefore, as per rule
4.22(cc)(iv)(1) of the JSE Debt Listing Requirements, no
additional information is required to provide therein.

33.
Standard Reference
Applicable
Obligation:




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34.
Reference Obligation:
The obligation identified as follows:

Reference Obligation: Republic of South Africa
Maturity: 17/01/2024
CUSIP/ISIN: US836205AQ75
35.
Transaction Type:
STANDARD EMERGING EUROPEAN & MIDDLE EASTERN
SOVEREIGN
36.
All Guarantees:
Applicable
37.
Conditions to Settlement:
Applicable
Credit Event Notice: Applicable
Notice of Publicly Available Information: Applicable
38.
Credit Events:
The following Credit Events apply:
Bankruptcy
Failure to Pay
Grace Period Extension: Applicable
Grace Period: 30 calendar days
Payment Requirement: USD 1,000,000
Obligation Acceleration
Repudiation/Moratorium
Restructuring
Default Requirement: USD 10,000,000
Mod R: Not Applicable
Mod Mod R: Not Applicable
Multiple Holder Obligation: Not Applicable
Governmental Intervention

39.
Credit Event Accrued Interest:
Not Applicable
40.
Obligations:
Obligation Category: Bond
Obligation Characteristics: None
41.
Excluded Obligations:
None




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42.
Issuer CLN Settlement Option:
Not Applicable
SETTLEMENT:

43.
(a) CLN Settlement Method
Physical Settlement
Credit Event Redemption
Means in respect of each Physical y Delivered CLN, such
Amount:
Deliverable Obligations with a Due and Payable Amount or an
Outstanding Principal Balance in an aggregate amount (excluding
any accrued and unpaid interest) equal to:
(i)
The Aggregate Nominal Amount of the Notes
outstanding as of the relevant Event Determination
Date; minus
(i )
a Due and Payable Amount or an Outstanding
Principal Balance of such Deliverable Obligations
with a market value determined by the Calculation
agent equal to such Note's pro rata share of the
Settlement Expenses and Swap Costs;
Deliverable Obligations:
Deliverable Obligation
Deliverable Obligation
Category:
Characteristics:

Bond
Not Subordinated


Specified Currency


Not Contingent


Transferable


Not Bearer
PROVISIONS REGARDING

REDEMPTION / MATURITY
44.
Redemption at the option of
Yes in the event of an Early Redemption Trigger Event as
the Issuer:
described in A below.




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If yes:

A. Early Redemption

Trigger Events:
(a) Optional Redemption
If at any time on any day prior to the redemption of the Notes, the
Date(s):
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 shall not be less than
zero, equal to the sum of the market value of the Hedging
Instruments (as defined below).

"Trigger NAV" means 50% 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 basis 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.




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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, which
amount(s)
amount shall not be less than zero, equal to:
(i)
the mark-to-market of all the related Hedging
Instruments; plus
(i )
Hedging Costs (as defined below); less
(i i)
Settlement Expenses.

Where:
"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 USD/ZAR basis swap position, interest rate swap position
or funding arrangements entered into by it (including with its
internal treasury function) specifically in connection with the Notes.


(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 shal be
Condition 8.3 (Redemption called a "Trigger Redemption Notice".
at the Option of the
Issuer))

45.
Redemption at the Option of
No
Noteholders:

46.
Early Redemption Amount(s)
Yes
payable on redemption for
taxation reasons, Change in
Law or on Event of Default (if
required):
If yes:

(a)
Amount payable; or
The Early Redemption Amount determined and calculated by the
Calculation Agent in accordance with paragraph 44 (b) above.
(b)
Method of calculation
Not Applicable
of amount payable:
GENERAL

47.
Financial Exchange:
JSE Limited t/a The Johannesburg Stock Exchange




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48.
Calculation & Paying Agent
Absa Corporate and Investment Banking (a division of Absa Bank
Limited) or an affiliate thereof.
49.
Calculation Agent City:
Johannesburg
50.
Paying Agent:
Absa Corporate and Investment Banking (a division of Absa Bank
Limited) or an affiliate thereof.
51.
Specified office of the
15 Alice Lane
Calculation & Paying Agent:
Sandton
2196
Gauteng
Republic of South Africa
52.
Settlement Agent:
Standard Chartered Bank
53.
Specified office of the
4 Sandown Val ey Crescent, Sandton, South Africa
Settlement Agent:
54.
Additional sel ing restrictions:
Not Applicable
55.
ISIN No.:
ZAG000169475
56.
Stock Code:
ASN458
57.
Method of distribution:
Private Placement
58.
If syndicated, names of
Not Applicable
Managers:
59.
If non-syndicated, name of
Absa Corporate and Investment Banking (a division of Absa Bank
Dealer:
Limited) or an affiliate thereof.
60.
Governing law:
The laws of the Republic of South Africa
61.
Issuer Rating on Issue Date:
Issuer Rating: zaAA being the National Long-Term Credit Rating
as assigned by Standard & Poor's on 26 November 2019 and to
be reviewed by Standard & Poor's from time to time.
62.
Issuer Central Securities
Standard Chartered Bank
Depositary Participant (CSDP):
63.
Debt Listing Requirements:
In accordance with Section 4.22 of the Debt Listing
Requirements, the Issuer confirms that the Programme Amount
has not been exceeded at the time of the issuing of the Notes.