Obbligazione Absa Group 0% ( ZAG000161118 ) in ZAR

Absa Group

100 ZAR ⇌

Sudafrica

ZAG000161118 ( in ZAR )

20/06/2024

Prospetto opuscolo dell'obbligazione Absa Group ZAG000161118 en ZAR 0%, scadenza 20/06/2024

1 000 000 ZAR

90 000 000 ZAR

The Obbligazione issued by Absa Group ( South Africa ) , in ZAR, with the ISIN code ZAG000161118, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 20/06/2024

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AMENDED AND RESTATED 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 60,000,000.00 SOE Basket Credit Linked Notes due June 2024
under its ZAR40,000,000,000 Master Structured Note Programme registered with the JSE Limited
t/a The Johannesburg Stock Exchange

This amended and restated Applicable Pricing Supplement must be read in conjunction with the
Master Structured Note Programme Memorandum and the Applicable Product Supplement for 2014
Credit Linked Notes, dated 07 November 2018 and registered with the JSE on or about 31 October
2018, prepared by Absa Bank Limited in connection with the Absa Bank Limited ZAR40,000,000,000
Master Structured Note Programme, as amended and/or supplemented from time to time (the
"Master Programme Memorandum") and the Applicable Product Supplement, dated on or about 27
October 2015, as amended and/or supplemented from time to time (the "Applicable Product
Supplement").
Any capitalised terms not defined in this amended and restated 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 amended and restated 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 amended and restated
Applicable Pricing Supplement. To the extent that there is any conflict or inconsistency between the

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provisions of this amended and restated Applicable Pricing Supplement and the provisions of the
Master Programme Memorandum and/or the Applicable Product Supplement, the provisions of this
amended and restated Applicable Pricing Supplement will prevail for purposes of the Notes
described herein.
This amended and restated 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.
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 Supplement:
The 2014 Credit Linked Note Applicable Product
Supplement contained in Section IV-B of the Master
Programme Memorandum is applicable in respect of
the Notes.
3.
Status of the Notes:
Unsubordinated and Unsecured.
4.
Listing:
Listed Notes
5.
Issuance Currency:
ZAR (South Africa Rand)
6.
Series Number:
2019-47
7.
Tranche Number:
1

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8.
Aggregate Nominal Amount:
ZAR60,000,000.00 (Sixty Million Rand), subject to
adjustment in accordance with paragraph 31
(Redemption following the occurrence of Credit
Events) below.
9.
Reference Entity Nominal Amount:
an amount of the Notes expressed in ZAR related to
a Reference Entity in respect of which a Relevant
Event Determination Date has occurred, calculated
as follows:
Reference Entity Weighting as reflected in Annex 1 of
the relevant Reference Entity multiplied by
ZAR60,000,000.00
10.
Interest:
Interest-bearing
11.
Interest Payment Basis:
Floating Rate Notes
12.
Automatic/Optional Conversion from one
Not Applicable
Interest/Redemption/Payment Basis to
another:
13.
Form of Notes:
Registered Listed Notes: The Notes in this Tranche
will be issued in uncertificated form and held by the
CSD.
14.
Issue Date:
22 July 2019
15.
Trade Date:
15 July 2019
16.
Specified Denomination:
ZAR 1,000,000.00
17.
Issue Price:
100%
18.
Interest Commencement Date:
Issue Date
19.
Maturity Date:
20 June 2024
20.
Applicable Business Day Convention:
Following Business Day Convention
21.
Definition of Business Day (if different
Not different from that set out in Glossary of
from that set out in Glossary of Terms):
Terms.
22.
Final Redemption Amount:
Means:
(a)
Subject to (b) below. The amount determined
by the Calculation Agent in its sole and
absolute discretion as the Aggregate Nominal

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Amount of the Notes outstanding (if any) at
the Maturity Date; and
(b)
The Notes will be redeemed on the Maturity
Date at the Final Redemption Amount
determined by the Calculation Agent in
accordance with (a) above unless:
(i)
The Notes have been previously
redeemed in whole and cancelled or
are redeemable due to any taxation
reasons, due to Change in Law, on an
Event of Default (if required) or
optional early redemption (however
described) occurring on or before
the Maturity Date; or
(ii)
Grace Period Extension is Specified
as applicable and a Potential Failure
to Pay has occurred in respect of one
or more of the Reference Entities on
or prior to the Maturity Date. If such
Potential Failure to Pay has occurred
in respect of one or more of the
Reference Entities, the Notes will be
redeemed on the first Business Day
after expiry of the relevant latest
Notice Delivery Period at its Final
Redemption Amount, unless on or
before the Grace Period Extension
Date a Credit Event occurs in respect
of one or more of the Reference
Entities which is a Failure to Pay and
the Conditions to Settlement are
fulfilled during the Notice Delivery
Period. In such circumstances the
Notes will be redeemed by payment
of final outstanding Aggregate
Nominal Amount determined by the
Calculation Agent together with
Physical Settlement in respect of any
Reference Entities suffering a Failure
to Pay Credit Event after the
Maturity Date.

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23.
Swap Costs:
The definition of "Swap Costs" in Condition 15.15 of
the Credit Linked Conditions shall be deleted and
replaced with the following definition for the
purposes of the Notes:
"Swap 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
positive number) or gain (in which case expressed as
a negative 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
interest rate, currency or basis swap position, or
funding arrangements entered into by it (including
with its internal treasury function) specifically in
connection with the Notes.
24.
Last Dates to Register:
The 11th calendar day before each Interest Payment
Date, i.e. each 09 March, 09 June, 09 September and
09 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
25.
Books Closed Periods:
The Register will be closed for a period of 10
calendar days before each Interest Payment Date to
each Floating Interest Payment Date i.e. from each
10 March to 20 March, 10 June to 20 June, 10
September to 20 September and from 10 December
to 20 December (all dates inclusive) in each calendar
year during the term of the Notes commencing on
the Issue Date and ending on the Maturity Date.
26.
Value of aggregate Nominal Amount of all
Notes issued under the Structured Note
ZAR 19,583,521,695.25
Programme as at the Issue Date:
FLOATING RATE NOTES

27.
(a)
Floating Interest Payment Dates:
Each 20 March, 20 June, 20 September and 20
December of each calendar year, commencing on 20

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September 2019 and ending on the Maturity Date,
each such day being subject to adjustment in
accordance with the Following Business Day
Convention.
(b)
Minimum Interest Rate:
Not Applicable
(c)
Maximum Interest Rate:
Not Applicable
(d)
Other terms relating to the
Day Count Fraction is Act/365(fixed).
method of calculating interest
The Calculation Agent will calculate and determine
(e.g.: Day Count Fraction,
the Interest Amount payable in respect of the Notes
rounding up provision):
on each Interest Payment Date by multiplying the
Interest Rate (Reference Rate plus Margin) by the
outstanding Aggregate Nominal Amount of the Notes
on the relevant Interest Payment Date and
multiplying such amount by the Day Count Fraction
and rounding the resultant figure to the nearest cent,
half a cent being rounded downwards.
Provided that, if a Potential Failure to Pay has
occurred in respect of one or more of the Reference
Entities on or before an Interest Payment Date, the
outstanding Aggregate Nominal Amount of the Notes
on such Interest Payment Date will be determined by
the Calculation Agent without regard to the
Reference Entity Weighting of the Reference Entity in
respect of which the Potential Failure to Pay has
occurred. If no subsequent Failure to Pay Credit
Event occurs in respect of any such Reference Entity
prior to the next following Interest Payment Date,
the Calculation Agent will increase the Interest
Amount on such Interest Payment Date by the
amount withheld on the previous Interest Payment
Date.
(e)
Manner in which the Interest Rate
Screen Rate Determination
is to be determined:
(f)
Margin:
190 basis points to be added to the relevant
Reference Rate
(h)
If Screen Determination:

(i)
Reference Rate (including
ZAR-JIBAR-SAFEX (3 months)
relevant period by

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reference to which the
Interest Rate is to be
calculated):
(ii)
Interest Rate
Each 20 March, 20 June, 20 September and 20
Determination Dates:
December of each calendar year, commencing on
the Issue Date and ending on 20 March 2024, each
such day being subject to adjustment in accordance
with the Following Business Day Convention.
(iii)
Relevant Screen Page and
Reuters RIC <SFX3MYLD> on Reuters Page "SAFEY"
Reference Code:
(Page number ZA01209)
(i)
If Interest Rate to be calculated
Not Applicable
otherwise than Screen
Determination, insert basis for
determining Interest Rate/Margin/
Fallback provisions:
(j)
Calculation Agent responsible for
Absa Corporate and Investment Banking (a division
calculating amount of principal
of Absa Bank Limited) or an affiliate thereof.
and interest:

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(k)
Interest Expiration Date:
If a Relevant Event Determination Date occurs in
respect of any one of the Reference Entities during
the Notice Delivery Period, interest will cease to
accrue in respect of an amount of the Notes equal to
the sum of the relevant Reference Entity Nominal
Amount and the Swap Costs Difference, if any, in
respect of Relevant Event Determination Date and
the relevant Reference Entity, as of the earlier to
occur of the day prior to (a) the Interest Payment
Date occurring on or immediately preceding the
Relevant Event Determination Date and (b) the
Maturity Date or, if no Interest Payment Date has
occurred, the Issue Date, as applicable, such date
being the Interest Expiration Date.
(l)
Interest Period:
means 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 the
applicable Business Day Convention);
CREDIT EVENT REDEMPTION

28.
Type of Credit Linked Note:
Portfolio CLN
29.
Redemption at Maturity:
Final Redemption Amount
30.
Relevant Credit Event:
Means the first Credit Event to occur with respect
to each Reference Entity.
31.
Redemption following the occurrence of
Applicable. Partial redemption as described herein.
Credit Events:
If a Relevant Credit Event occurs during the Notice
Delivery Period in respect of one or more of the
Reference Entities specified in the Reference
Portfolio Annex, the Issuer's obligation in each case
will be to:
(i) redeem an amount of the Notes equal to the
Reference Entity Nominal Amount of such Reference
Entity(ies) by Delivery on the relevant Physical

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Settlement Date of the Deliverable Obligations
Portfolio (as defined below) related to the relevant
Reference Entity(ies), and
(ii) delist an amount of the Notes equal to the sum
of the Reference Entity Nominal Amount and the
Swap Costs Difference (if any) related to the relevant
Reference Entity(ies) in respect of which a Relevant
Credit Event has occurred.
At the Maturity Date, the Issuer will redeem the
Notes remaining by payment of the Final
Redemption Amount determined on the basis of the
remaining outstanding Aggregate Nominal Amount
at the Maturity Date.
Upon discharge by the Issuer of the Final
Redemption Amount on the Maturity Date and
Physical Settlement on any Physical Settlement Date
or otherwise as provided herein, the Issuer's
obligations in respect of the Notes will be
discharged.
The definition of "Deliverable Obligations Portfolio"
contained in Condition 23.2 of the Credit Linked
Conditions of the Notes is deemed to be deleted and
replaced with the following:
"Deliverable Obligations Portfolio" means, subject
to Credit Linked Condition 10.1, in relation to each
Reference Entity in respect of which a Relevant
Credit Event has occurred, such Deliverable
Obligations as may be selected by the Issuer with a
Due and Payable Amount in an aggregate amount
(excluding any accrued and unpaid interest) equal
to:
(a) the Reference Entity Nominal Amount related to
the relevant Reference Entity/s, as of the Relevant
Event Determination Date; less
(b) a Due and Payable Amount of such Deliverable
Obligations with a market value as determined by
the Calculation Agent equal to the Settlement
Expenses and Swap Costs.
If the amount of the Deliverable Obligations
Portfolio is a negative amount, no Deliverable

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Obligations will be required to be Delivered and the
amount of the Deliverable Obligations Portfolio will
be deemed to be zero. In addition, the Issuer will, on
or about the date the Issuer delists the relevant
amount of the Notes in accordance with sub section
(ii) of this paragraph above, reduce the Aggregate
Nominal Amount of the Notes by an amount equal
to the absolute value of such negative amount (such
amount being the "Swap Costs Difference"). If an
obligation by its terms represents or contemplates
an obligation to pay an amount greater than the
outstanding principal balance of such obligation as
of the Delivery Date as a result of the occurrence or
non-occurrence of an event or circumstance, the
outstanding principal balance of such obligation will
not include any additional amount that would be
payable upon the occurrence or non-occurrence of
such event or circumstance."
32.
Extension interest:
Not Applicable
33.
Reference Entities:
Each Reference Entity (read with the relevant
Reference Entity Weighting) as specified in the
Reference Portfolio Annex.
Each Reference Entity in respect of which a Relevant
Credit Event occurs will subsequently be removed as
a Reference Entity for the purposes of the Notes.
34.
Reference Obligations:
In respect of each Reference Entity:
(i)
the obligation identified as per the
Reference Portfolio Annex or any Substitute
Reference Obligation in respect thereof; and
(ii)
one or more obligations of each such
Reference Entity that would constitute an
Obligation or Deliverable Obligation. The
Issuer may select the relevant Reference
Obligation of the relevant Reference Entity
at any time on or before the Physical
Settlement Date.
35.
Transaction Type:
Not Applicable
36.
All Guarantees:
Applicable