Sign in Subscribe
Banks (Finance)

FirstRand Bank Limited Lists Three New Unsecured Structured Notes on Johannesburg Stock Exchange

Strategic Insights

— 2 min read

FirstRand Bank Limited, through its Rand Merchant Bank division, has successfully listed three new unsecured structured notes on the Johannesburg Stock Exchange. The notes, designated as FRS422, FRS423, and FRS424, have a nominal issuance of ZAR 34.00 million, ZAR 33.00 million, and ZAR 33.00 million respectively, with a maturity date of June 3, 2030. The issue date for these notes is June 3, 2025, with an issue price set at 100% of par. The listings are part of FirstRand Bank Limited's ongoing strategy to engage in the financial instruments market, providing investors with structured products that offer potential returns linked to specific indices.

Key Takeaways:

  • The three new unsecured structured notes, FRS422, FRS423, and FRS424, have been listed on the Johannesburg Stock Exchange, with a total nominal issuance of ZAR 100.00 million.
  • The notes are categorized as single index notes, with a stipulated maturity date of June 3, 2030, subject to adjustments based on the applicable business day convention.
  • The final maturity amount for each note will be calculated as per the index-linked redemption amount, detailed in the pricing supplement.
  • The programme under which these notes are issued has a total amount of ZAR 60.00 billion, out of which ZAR 52.14 billion are already in circulation as of the signing date of the FRS424 pricing supplement.
  • FirstRand Bank Limited, operating through its Rand Merchant Bank division, serves as the dealer for these notes.
  • The terms and conditions of the programme include provisions for redemption and payment, early redemption options at the issuer's discretion, and foreign exchange disruption conditions as specified in the pricing supplements.
  • The business day convention to be followed is the "following business day" convention.
  • The last day for registration for these notes is set at 5:00 PM on May 29, 2030, with the books closing a day later on May 30, 2030.
  • The issue price for these notes is 100% of par, with an issue date of June 3, 2025.
  • The newly listed debt securities are categorized as single index notes, with FRS422 carrying a nominal issuance of ZAR 34.00 million.

Statistics:

  • Total nominal issuance: ZAR 100.00 million
  • Total programme amount: ZAR 60.00 billion
  • Already in circulation: ZAR 52.14 billion
  • Issue date: June 3, 2025
  • Maturity date: June 3, 2030
  • Last day for registration: May 29, 2030
  • Books closing: May 30, 2030
  • Issue price: 100% of par

Sources:

  • Johannesburg Stock Exchange (JSE)
  • FirstRand Bank Limited (FRB)

Read more