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Banks (Finance)

FirstRand Bank Limited Receives Approval for Listing of FRS432 Unsecured Structured Notes

Strategic Insights

— 1 min read

FirstRand Bank Limited, a leading banking group in South Africa, has been granted approval by the Johannesburg Stock Exchange (JSE) to list its FRS432 unsecured structured notes. This financing instrument will be part of the bank's existing note programme, which has its roots in November 2011 and has undergone several amendments since then. The listing is set to become effective on July 7, 2025. Characterized as single-index and currency-linked notes, the FRS432 notes have a nominal issuance value of 440.00 million South African Rand. These notes will be issued at a price equal to 100% of their par value. The maturity of these notes is scheduled for July 8, 2030, subject to adjustments as per the applicable business day convention outlined in the pricing supplement.

Key Takeaways:

  • The FRS432 notes are single-index and currency-linked notes with a nominal issuance value of 440.00 million South African Rand.
  • The notes are part of FirstRand Bank Limited's existing note programme, which has undergone several amendments since its inception in November 2011.
  • The maturity of the notes is scheduled for July 8, 2030, subject to adjustments as per the applicable business day convention outlined in the pricing supplement.
  • The issuance is part of FirstRand Bank Limited's broader programme, which has a total capacity of 60.00 billion Rand, with 54.16 billion Rand already issued under the programme.
  • The Rand Merchant Bank division of FirstRand Bank Limited will serve as the dealer for this issuance.
  • The FRS432 notes include provisions for early redemption at the issuer's discretion.
  • Additional terms, such as redemption/payment basis and FX disruption provisions, are specified in the pricing supplement.
  • The listing marks a strategic move by FirstRand Bank Limited to expand its offerings in the structured financial products market and provide diversified investment opportunities to its clientele.

Statistics:

  • Nominal issuance value of the FRS432 notes: 440.00 million South African Rand
  • Total capacity of FirstRand Bank Limited's programme: 60.00 billion Rand
  • Amount of notes already issued under the programme: 54.16 billion Rand
  • Maturity date of the FRS432 notes: July 8, 2030

Sources:

  • "Johannesburg Stock Exchange" ([Newspaper Name] 03 July 2025)
  • "FirstRand Bank Limited receives approval for listing of FRS432 unsecured structured notes" (Johannesburg Stock Exchange, 03 July 2025)

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