Obligation Absa Bank 0% ( ZAG000156431 ) en ZAR

Absa Bank

100 % ⇌

Afrique du Sud

ZAG000156431 ( en ZAR )

20/12/2023

Prospectus brochure de l'obligation Absa Bank ZAG000156431 en ZAR 0%, échéance 20/12/2023

1 000 000 ZAR

55 000 000 ZAR

L'Obligation émise par Absa Bank ( Afrique du Sud ) , en ZAR, avec le code ISIN ZAG000156431, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 20/12/2023

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DocuSign Envelope ID: FFB2BC48-9B72-4AC3-9E30-919A553CF7A4
Corporate and Investment Banking

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 25,000,000.00 Series Floating Rate Portfolio Credit Linked Notes - iTraxx®
Europe Crossover due December 2023
under its ZAR40,000,000,000 Master Structured Note Programme registered 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 by 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 shall 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 term not defined in this Applicable Pricing Supplement has the meaning ascribed
to it in Schedule 1 (Glossary of Terms) to Section II-A (Terms and Conditions of the Notes) of the
Master Programme Memorandum.
This document constitutes an Applicable Pricing Supplement relating to the Notes described
herein and to be issued by the Issuer. The Notes described herein are subject to the Terms and
Conditions of the Notes, as replaced, amended and/or supplemented by 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,
the provisions of this Applicable Pricing Supplement will prevail for purposes of the Notes which
are governed by it.
This Applicable Pricing Supplement supersedes any previous term sheet, pricing supplement,
confirmation, or other communication in respect of the Notes described below.

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By purchasing the Notes, the Holders of the Notes acknowledge and confirm that: (i) they fully
understand the nature of the Notes and the extent of their exposure to risks under and imbedded
in the Notes, and (ii) they had considered 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.
DESCRIPTION OF THE NOTES
1.
Issuer
Absa Bank Limited ("Absa")
2.
Applicable Product
2014 Credit Linked Note 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
2019-01
7.
Tranche Number
01
8.
Aggregate Nominal Amount:

(a)
Series
ZAR25,000,000.00, ("Original Aggregate Nominal
Amount") subject to the occurrence of one or more
Relevant Event Determination Dates in respect of any
of the Reference Entities during the Notice Delivery
Period, whereupon the Aggregate Nominal Amount
outstanding will be determined by the Calculation
Agent as follows:

The Original Aggregate Nominal Amount reduced to
reflect the redemption and delisting (as described
paragraph 27 (Effect of a Credit Event) of such
Nominal Amount of the Notes equal to the Reference
Entity Nominal Amount, as determined by the
Calculation Agent in its sole and absolute discretion.
(b)
Tranche
As per 8(a) (Series) above
9.
Reference Entity Nominal
Means an amount of the Notes expressed in ZAR
Amount
related to a Reference Entity in respect of which a

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Relevant Event Determination Date has occurred,
calculated as follows:
Reference Entity Weighting of the relevant Reference
Entity multiplied by the Original Aggregate Nominal
Amount
10.
Interest
Interest-bearing
11.
Interest Payment Basis
Floating Rate
12.
Automatic/Optional
Not Applicable
Conversion from one
Interest/Redemption/Payment
Basis to another
13.
Form of Notes
Registered Listed Notes: The Notes in this Tranche
will be in uncertificated form and held by the CSD.
14.
Issue Date
22 January 2019
15.
Trade Date
15 January 2019
16.
Specified Denomination
ZAR1,000,000.00
Notes are subject to a minimum denomination of
ZAR1,000,000.00
17.
Issue Price
100%
18.
Interest Commencement Date
Issue Date
19.
Maturity Date
20 December 2023
20.
Applicable Business Day
Fol owing Business Day Convention
Convention
21.
Definition of Business Day (if
N/A
different from that set out in
Condition 1)
22.
Final Redemption Amount
Means:
(a)
Subject to (b) below, the amount determined
by the Calculation Agent in its sole discretion
as the Aggregate Nominal 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 the Notes
have been previously redeemed in whole and
cancel ed or are redeemable due to any
taxation reasons, due to Change in Law, on
an Event of Default (if required) or optional

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early
redemption
(however
described)
occurring on or before the Maturity Date.
23.
Last Date to Register
11 calendar days before each Floating Interest
Payment Date, i.e. the 9th of March, 9th of June, 9th
of September and 9th of December in each year until
the Maturity Date
24.
Books Closed Period(s)
The Register wil be closed from 10 calendar days
before each Floating Interest Payment Date i.e. the
10th of March, 10th of June, 10th of September and
10th of December in each year until the Maturity
25.
Value of aggregate Nominal
ZAR 18,825,875,965.66
Amount of all Notes issued
under the Structured Note
Programme as at the Issue
Date
26.
Reference CDS
Means a notional credit default swap deemed to be
entered into in the form set out in Annex I hereto
between the Issuer and a notional financial institution
entered into pursuant to a 2002 ISDA Master
Agreement (Multicurrency-Cross Border) between the
Issuer and the notional counterparty governed by
English law and with ZAR as the Termination
Currency and in respect of which, such Reference
CDS is the sole transaction under such ISDA Master
Agreement (the "Reference Master Agreement").

For the purposes of the Notes, notwithstanding
anything to the contrary contained within the
Programme Memorandum and the 2014 Credit Linked
Conditions, calculations or determinations required to
be made by the Calculation Agent in respect of the
Notes shall be calculated or determined by the
Calculation Agent in its sole and absolute discretion
by reference to the Reference CDS and shall be
conclusive absent manifest error.
27.
Effect of a Credit Event
If a Relevant Event Determination Date occurs in
respect of one or more of the Reference Entities
specified as per the Reference CDS, the Issuer's
obligation will be (subject to paragraph 29 (Swaps
Costs Difference) below), in each case to (i) make
payment of the relevant Auction Settlement Amount or
Cash Settlement Amount (as applicable) determined
in respect of the Reference CDS minus Swap Costs (if
any) and (ii) to redeem and delist an amount of the
Notes equal to the Reference Entity Nominal Amount
of the Notes. As such, the Auction Settlement
Amounts or Cash Settlement Amounts (as applicable)
determined under the Reference CDS wil become

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payable to the Noteholders upon its determination
after the Issuer has deducted Swap Costs from such
amounts.

At the Maturity Date, the Issuer shall redeem the
Notes remaining (if any) by payment of the Final
Redemption Amount on the basis of the remaining
outstanding Aggregate Nominal Amount (if any) on
the Maturity Date.
Notwithstanding anything to the contrary contained
within the Programme Memorandum, all calculations
or determinations required to be made by the Issuer
or Calculation Agent in respect of the Notes shall be
calculated or determined by the Issuer or Calculation
Agent in their sole and absolute discretion by
reference to the Reference CDS. Any Auction
Settlement Amounts and\or Cash Settlement Amounts
determined by reference to the Reference CDS wil be
used to determine the Aggregate Nominal Amount of
the Notes outstanding at any time and to determine
any interest or redemption amounts due under the
Notes.

For the purposes of the Notes, notwithstanding
anything to the contrary contained within the
Reference CDS, calculations or determinations
required to be made by the Calculation Agent in
respect of the Reference CDS shall be calculated or
determined by the Calculation Agent in its sole and
absolute discretion, effective as of such determination,
and shall be conclusive absent manifest error.
28.
Swap Costs
The definition of "Swap Costs" in Condition 15.47 of
the 2014 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, or funding
arrangements entered into by it (including with its
internal treasury function) specifically in connection

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with the Notes.
29.
Swap Costs Difference
In the event that the Calculation Agent determines
following the occurrence of a Relevant Event
Determination Date in respect of one or more of the
Reference Entities, that the Swap Costs in respect of
any Relevant Event Determination Date are greater
than the relevant Auction Settlement Amount or Cash
Settlement Amount (as applicable) determined in
respect of the Reference CDS, no such Auction
Settlement Amount or Cash Settlement Amount (as
applicable) wil be required to be paid by the Issuer to
the Noteholder in respect of that Relevant Event
Determination Date and the Auction Settlement
Amount or Cash Settlement Amount (as applicable)
will be deemed to be zero. Instead, the Noteholder wil
be required to pay to the Issuer on the relevant
Auction Settlement Date or Cash Settlement Date (as
specified in the Reference CDS and as applicable), an
amount in ZAR equal to the difference between the
relevant Auction Settlement Amount or Cash
Settlement Amount (as applicable) and the Swaps
Costs in respect of the Relevant Event Determination
Date in question (the "Swap Costs Difference", and
each such payment owing by the Noteholder, a "Swap
Costs Difference Payment"), provided that the
Noteholders obligation to make any Swaps Costs
Difference Payment in accordance with this paragraph
shall never, when aggregated with other Swaps Costs
Difference Payments, exceed the Original Aggregate
Nominal Amount of the Notes.
FLOATING RATE NOTES

30.
(a)
Floating Interest
The 20th of March, June, September and December in
Payment Date(s)
each year, commencing on the 20th of March 2019
and ending on the Maturity Date.
(b)
Other terms relating
Day Count Fraction is Act /365 (Fixed).
to the method of
calculating interest

(e.g.: Day Count
The Calculation Agent will calculate and determine the
Fraction, rounding up Interest Amount payable in respect of the Notes on
provision)
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

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Entities on or before an Interest Payment Date, the
outstanding Aggregate Nominal Amount of the Notes
on such Interest Payment Date wil 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.
(c)
Manner in which the
Screen Rate Determination
Interest Rate is to be
determined
(d)
Margin
370 basis points to be added to the relevant
Reference Rate
(e)
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)
(ii)
Interest Rate
(i)
The Issue Date, followed by;
Determination
Date(s)
(ii) Each 20th of March, June, September and
December in each year, commencing on Issue
Date, 22nd of January 2019, and ending on 20th
of September 2023.
(ii )
Relevant
Reuters RIC <SFX1MYLD> on Reuters Page
Screen Page
"SAFEY" (Page number ZA01209)
and Reference
Code
(f)
If Interest Rate to be
Not Applicable
calculated otherwise
than by ISDA
Determination or
Screen Determination,
insert basis for
determining Interest
Rate/Margin/ Fallback
provisions
(g)
Interest Expiration
If a Relevant Event Determination Date occurs in
Date
respect of any of the Reference Entities during the

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Notice Delivery Period, interest will cease to accrue in
respect of the Reference Entity Nominal Amount of
the Notes related to that Reference Entity as of the
Relevant Event Determination Date relating to that
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.
(h) Calculation Agent
Absa Corporate and Investment Banking (a division of
responsible for
Absa Bank Limited) or an affiliate thereof.
calculating amount of
principal and interest
CREDIT EVENT REDEMPTION

31.
Type of Credit Linked Note
Portfolio CLN
(a)
Redemption at
Final Redemption Amount
Maturity
(b)
Redemption following
Applicable. Partial redemption as described in this
the occurrence of
Applicable Pricing Supplement.
Credit Events
(c)
Extension interest
Not applicable
Credit Provisions

(d)
Relevant Credit Event
Means the each Credit Event to occur with respect to
a Reference Entity in the Reference Portfolio.
(e)
Reference Entities
The Reference Entities as per the Reference CDS.
(f)
Reference Entity
The Weighting allocated to each Reference Entity as
Weightings
per the Reference CDS.
(g)
Reference
The Reference Obligations as per the Reference
Obligation(s)
CDS.
(h)
Event Determination
Means as per the Reference CDS
Date
(i)
Credit Event Backstop Means as per the Reference CDS
Date
(j)
Transaction Type
Means as per the Reference CDS
(k)
Al Guarantees
As specified in the Reference CDS.
(l)
Notice of Publicly
As specified in the Reference CDS.
Available Information
(m)
Credit Events
As specified in the Reference CDS.
(n)
Credit Event Accrued
Not applicable

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Interest:
(o)
Obligation(s) and
As specified in the Reference CDS.
Obligation
Characteristics
(p)
Excluded Obligations
As specified in the Reference CDS.
(if any)
(q)
Issuer CLN Settlement Not applicable
Option
(r)
CLN Settlement
Auction Settlement, as determined by the Calculation
Method
Agent in its sole discretion by reference to the
Reference CDS and in accordance with paragraph 27
(Effect of a Credit Event) above.
(s)
Fal back CLN
Cash Settlement, as determined by the Calculation
Settlement Method
Agent in its sole discretion by reference to the
Reference CDS and in accordance with paragraph 27
(Effect of a Credit Event) above.
(t)
Terms Relating to
Al terms relating to Cash Settlement to be determined
Cash Settlement:
by the Calculation Agent in its sole discretion by
reference to the Reference CDS and in accordance
with paragraph 27 (Effect of a Credit Event) above.
(u)
Credit Event
As per paragraph 27 (Effect of a Credit Event) above
Redemption Amount
and the Reference CDS.
(v)
Additional Business
Not Applicable
Centre Delivery
Method
(w)
Other Provisions
None
PROVISIONS REGARDING

REDEMPTION/MATURITY
32.
Redemption at the option of
No
the Issuer:
(a)
Redemption at the
No
option of Noteholders:
(b)
Early Redemption
Yes
Amount(s) payable on
redemption for
taxation reasons,
Change in Law or on
Event of Default (if
required).
(c)
If yes:

(d)
Amount payable; or
The Early Redemption Amount determined and
calculated by the Calculation Agent in accordance
with Condition 8.5 of the Terms and Conditions of the

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Notes.
(e)
Method of calculation
Not applicable
of amount payable
GENERAL

33.
Financial Exchange:
Johannesburg Stock Exchange
34.
Calculation Agent
Absa Corporate and Investment Banking (a division of
Absa Bank Limited) or an affiliate thereof
35.
Calculation Agent City:
Absa Corporate and Investment Banking (a division of
Absa Bank Limited) or an affiliate thereof
36.
Paying Agent:
15 Alice Lane
Sandton
2196
Gauteng
South Africa
37.
Specified office of the
Absa Corporate and Investment Banking (a division of
Calculation Agent, Transfer
Absa Bank Limited) or an affiliate thereof
Agent and Paying Agent:
38.
Stabilising manager:
Private Placement
39.
Additional selling restrictions:
The law of the Republic of South Africa
40.
ISIN No.:
ZAG000156431
41.
Stock Code:
ASN310
42.
Method of distribution:
Private Placement
43.
If syndicated, names of
Not Applicable
Managers:
44.
If non-syndicated, name of
Absa Corporate and Investment Banking (a division of
Dealer:
Absa Bank Limited) or an affiliate thereof
45.
Governing law:
The laws of the Republic of South Africa
46.
Pricing Methodology:
Standard JSE pricing methodology.
47.
Other provisions
Condition 9 titled "Taxation" in the section II-A of the
Master Programme Memorandum titled "Terms and
Conditions of the Notes" is amended in relation to this
Tranche of Notes by (i) the replacement of the words
after the dash in Condition 9.3 with the words