Obligation Absa Bank 9.395% ( ZAG000169764 ) en ZAR

Société émettrice Absa Bank
Prix sur le marché refresh price now   100 %  ⇌ 
Pays  Afrique du Sud
Code ISIN  ZAG000169764 ( en ZAR )
Coupon 9.395% par an ( paiement annuel )
Echéance 31/01/2030



Prospectus brochure de l'obligation Absa Bank ZAG000169764 en ZAR 9.395%, échéance 31/01/2030


Montant Minimal 1 000 ZAR
Montant de l'émission 60 000 000 ZAR
Prochain Coupon 31/01/2025 ( Dans 293 jours )
Description détaillée L'Obligation émise par Absa Bank ( Afrique du Sud ) , en ZAR, avec le code ISIN ZAG000169764, paye un coupon de 9.395% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 31/01/2030







DocuSign Envelope ID: CE306802-E5B1-4C27-BDA3-EEB13C689E32



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 R2030 Credit-Linked Notes
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 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 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.




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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 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:
2020-65
7.
Tranche Number:
1
8.
Aggregate Nominal Amount:

a)
Series:
ZAR 60,000,000 (Sixty Mil ion South African Rand)
b)
Tranche:
ZAR 60,000,000 (Sixty Mil ion South African Rand)
9.
Interest:
Interest-bearing
10.
Interest Payment Basis:
Fixed Rate Notes
11.
Automatic/Optional
Not Applicable
Conversion from one




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Interest/Redemption/Payment
Basis to another:
12.
Form of Notes:
Registered Listed Notes: The Notes in this Tranche will be
issued in uncertificated form and held by the CSD
13.
Issue Date:
29th July 2020
14.
Trade Date:
20th July 2020
15.
Specified Denomination:
ZAR1,000,000 per Note.
16.
Issue Price:
100%
17.
Interest Commencement Date Issue Date
18.
Maturity Date:
31January 2030
19.
Applicable Business Day Fol owing Business Day Convention
Convention:
20.
Business Days:
Johannesburg
21.
Final Redemption Amount:
ZAR 60,000,000 (Sixty Mil ion South African Rand)
22.
Credit Event Backstop Date:
Applicable
23.
Last Date to Register:
The 11th (eleventh) calendar day before each Fixed Interest
Payment Date, i.e. each of the 20th January and the 20th July 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 wil be closed for a period of 10 (ten) calendar days
prior to each Fixed Interest Payment Date and prior to the
Maturity Date, i.e. each of the fol owing periods, the 21st of
January to the 31st January and the 21st July to the 31st July of
each calendar year during the term of the Notes, the first 10
calendar days period being the 21st July to the 31st July and the
last period being the 10 day period ending with the Maturity Date
25.
Value of aggregate Nominal ZAR24,093,087,887.96
Amount of all Notes issued
under the Structured Note




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Programme as at the Issue
Date:
FIXED RATE NOTES:
Applicable
26.
a) Fixed Interest Payment Each of 31st January and 31st July of each calendar year
Dates:
during the term of the Notes, commencing on 31st January
2021 and ending on the Maturity Date 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) Fixed Interest Rate:
9.395% per annum payable semi-annually on the Fixed
Interest Payment Dates
c) Day Count Fraction:
The Day Count Fraction is Actual/365 (Fixed).
d) Calculation
Agent Absa Corporate and Investment Banking (a division of Absa
responsible
for Bank Limited) or an affiliate thereof, acting in good faith and
calculating amount of in a commercially reasonable manner.
principal and interest:
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
The Issuer of the Reference Obligation is listed on the interest
32.
Financial Statements of the
rate market of JSE and as per rule 4.22(cc)(iv)(1) of the JSE
Reference Entity:
Debt Listings Requirements, no additional information is
required to be provided herein
33.
Standard Reference
Not Applicable
Obligation:
34.
Reference Obligation:
The obligation identified as follows:
Primary Obligor: Republic of South Africa




DocuSign Envelope ID: CE306802-E5B1-4C27-BDA3-EEB13C689E32

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Maturity Date: 31 January 2030
Coupon: 8.00%
CUSIP/ISIN: ZAG000106998
35.
Substitute Reference
Applicable
Obligation:
36.
Transaction Type:
Not Applicable
37.
Al Guarantees:
Applicable
38.
Conditions to Settlement:
Applicable
Credit Event Notice: Applicable
Notice of Publicly Available Information: Applicable
39.
Credit Events:
The following Credit Events apply:
Bankruptcy
Failure to Pay
Grace Period Extension: Applicable
Grace Period: 30 calendar days
Payment Requirement: ZAR 10,000,000
Obligation Acceleration
Repudiation/Moratorium
Restructuring
Default Requirement: ZAR 25,000,000
Mod R: Not Applicable
Mod Mod R: Not Applicable
Multiple Holder Obligation: Not Applicable
Governmental Intervention

40.
Credit Event Accrued Interest: Not Applicable
41.
Obligations:
Obligation Category: Reference Obligation Only
Obligation Characteristics: None
42.
Excluded Obligations:
None




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43.
Issuer
CLN
Settlement Not Applicable
Option:
SETTLEMENT:

44.
(a) CLN Settlement Method:
Cash Settlement
Means in respect of each Note an amount equal to the CLN
b) Credit Event Redemption Cash Settlement Amount (as defined below) minus such
Amount:
Note's pro rata share of the Settlement Expenses.
(c) CLN Cash Settlement
Means an amount in ZAR calculated by the Calculation Agent,
Amount:
which amount shall not be less than zero, equal to:
(i)
The amount equal to: the product of (a) the
Reference Obligation Aggregate Nominal Amount
and (b) Final Price; plus

(ii)
the Hedging Costs (as defined below).

"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 interest rate swap position or
funding arrangements entered into by it (including with its
internal treasury function) specifically in connection with the
Notes.

"Reference Obligation Aggregate Nominal Amount" means
ZAR 65,750,319.
PROVISIONS REGARDING

REDEMPTION / MATURITY
45.
Redemption at the option of
Yes in the event of an Optional Call Redemption Event as
the Issuer:
described below.




DocuSign Envelope ID: CE306802-E5B1-4C27-BDA3-EEB13C689E32

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If yes:

A) Optional Call

Redemption Event:
(a) Optional Call Redemption The Issuer may elect, in its sole and absolute discretion, to
Event:
redeem the Notes on the Optional Call Redemption Dates, as
notified by the Issuer to the Noteholder(s) in an Optional Call
Redemption Notice and at the Optional Call Redemption
Amount as determined in accordance with paragraph (c) below:

(b) Optional Call Redemption 31 January 2022, 31 January 2024, 31 January 2026 and 31
Date:
January 2028, subject to Fol owing Business Day Convention.
(c) Optional Call
An amount in ZAR as determined by the Calculation Agent
Redemption Amount:
equal to the sum of:
(i)
The Aggregate Nominal Amount of the Note
multiplied by two; plus
(ii)
Any accrued interest from the last Fixed Interest
Payment Date until (but excluding) the Optional Cal
Redemption Date.
(d) Minimum period of notice The minimum period of written or oral notice for the purposes
of this provision shal be seven (7) Business Days and the
notice shal be called an "Optional Call Redemption
Notice".

46.
Redemption at the Option of
No
Noteholders:

47.
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 Condition 8.5 of the
Terms and Conditions of the Notes
(b)
Method of calculation Not Applicable
of amount payable:




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GENERAL

48.
Financial Exchange:
JSE Limited t/a The Johannesburg Stock Exchange
49.
Calculation & Paying Agent
Absa Corporate and Investment Banking (a division of Absa
Bank Limited) or an affiliate thereof.
50.
Calculation Agent City:
Johannesburg
51.
Paying Agent:
Absa Corporate and Investment Banking (a division of Absa
Bank Limited) or an affiliate thereof.
52.
Specified office of the
15 Alice Lane
Calculation & Paying Agent:
Sandton
2196
Gauteng
Republic of South Africa
53.
Settlement Agent:
Standard Chartered Bank
54.
Specified office of the
4 Sandown Valley Crescent, Sandton, South Africa
Settlement Agent:
55.
Additional selling restrictions: Not Applicable
56.
ISIN No.:
ZAG000169764
57.
Stock Code:
ASN469
58.
Method of distribution:
Private Placement
59.
If syndicated, names of
Not Applicable
Managers:
60.
If non-syndicated, name of
Absa Corporate and Investment Banking (a division of Absa
Dealer:
Bank Limited) or an affiliate thereof.
61.
Governing law:
The laws of the Republic of South Africa
62.
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.




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63.
Issuer Central Securities
Standard Chartered Bank
Depositary Participant
(CSDP):
64.
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.
Condition 9 titled "Taxation" in the section II-A of the Master
65.
Other Provisions:
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 "provided that this exception shall only apply to
that portion of the withholding or deduction which could
lawfully have been so reduced", (ii) the deletion of
Condition 9.8 and (i i) the insertion of the following additional
paragraphs immediately after Condition 9.7:
"9.8
where such withholding or deduction is imposed on a
payment to an individual and is required to be made
pursuant to European Council Directive 2003/48/EC
(or any other directive implementing the conclusions of
the 2312th Economic and Financial Affairs Council
(ECOFIN) meeting of 26 and 27 November 2000) on
the taxation of savings income or any law
implementing or complying with, or introduced in order
to conform to, such directive; or
9.9
held by or on behalf of a Noteholder in circumstances
where such party could lawfully reduce the amount of
taxation otherwise levied or leviable upon the principal
or interest by virtue of any tax treaty or non-South
African tax laws applicable to such Noteholder,
whether by way of a tax credit, rebate deduction or
reduction equal to all or part of the amount withheld or
otherwise, and whether or not it is actually claimed
and/or granted and/or allowed; or
9.10
in respect of any present or future taxes, duties,
assessments or governmental charges of whatever
nature which are payable otherwise than by
withholding from payment of principal or interest, if
any, with respect to such Note; or
9.11
where any combination of the scenarios or
occurrences contemplated in Conditions 9.1 to 9.10
above occurs.
The Issuer is not liable for or otherwise obliged to pay any
taxes that may arise as a result of the ownership, transfer or
redemption of any Note.




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If the Issuer becomes subject general y at any time to any
taxing jurisdiction, authority or agency other than or in addition
to South Africa, references in Conditions 8.2 (Redemption for
Tax Reasons or due to a Change in Law) and 9 (Taxation) to
South Africa shall be read and construed as references to
South Africa and/or to such other jurisdiction, authority or
agency."
66. Material Change in Financial or The Issuer confirms that as at the date of this Applicable
Trading Position
Pricing Supplement, there has been no material change in the
financial or trading position of the Issuer and its subsidiaries
since the date of the Issuer's audited financial statements for
the twelve months ended 31 December 2019. This statement
has not been confirmed nor verified by the auditors of the
Issuer.

Responsibility:
The Issuer certifies that to the best of its knowledge and belief there are no facts that have been
omitted which would make any statement false or misleading and that all reasonable enquiries to
ascertain such facts have been made as well as that this Applicable Pricing Supplement contains all
information required by law and the JSE Debt Listing Requirements. The Issuer accepts full
responsibility for the accuracy of the information contained in this Applicable Pricing Supplement and
the annual financial report, the amendments to the annual financial report or any supplements from
time to time, except as otherwise stated therein.
The JSE takes no responsibility for the contents of the Applicable Pricing Supplement and the annual
financial report of the Issuer and any amendments or supplements to the aforementioned documents.
The JSE makes no representation as to the accuracy or completeness of the Applicable Pricing
Supplement and the annual financial report of the Issuer and any amendments or supplements to the
aforementioned documents and expressly disclaims any liability for any loss arising from or in reliance
upon the whole or any part of the aforementioned documents. The JSE's approval of the registration
of the Programme Memorandum and listing of the debt securities is not to be taken in any way as an
indication of the merits of the Issuer or of the debt securities and that, to the extent permitted by law,
the JSE wil not be liable for any claim whatsoever.
Application is hereby made to list this issue of Notes on 29 July 2020

ABSA BANK LIMITED

_____________________________

_______________________________
Shamila Thomas
Name:


Makhanani Sithole



Name:
Capacity:




Confirmations Specialist

Capacity:
Confirmations Specialist
Date:




23-07-2020 | 12:48:57 PM SAST
Date:
23-07-2020 | 12:47:02 PM SAST