FirstRand Bank Lists New Financial Instrument on Johannesburg Stock Exchange

Strategic Insights -

FirstRand Bank Limited, a key player in the South African financial sector, has successfully listed its new financial instrument, FRS438 senior unsecured unsubordinated notes, on the Johannesburg Stock Exchange (JSE). This move underscores the bank's commitment to expanding its financial offerings and engaging with the market. The notes, with a nominal value of 200.00 million rand, are part of the bank's existing note programme established in 2011. The issue date is set for August 26, 2025, with interest payments scheduled for November 26, 2025, and subsequent dates.

Key Takeaways:

  • The FRS438 senior unsecured unsubordinated notes have a nominal value of 200.00 million rand and are part of FirstRand Bank's existing note programme, established on November 29, 2011.
  • The notes are issued at 100% of par and have a maturity date of August 26, 2026, with a final redemption amount equal to 100% of par.
  • The coupon rate is determined by the 3-month JIBAR plus an additional 200 basis points, and interest on the notes will commence on the issue date.
  • The annual interest payment schedule includes payments on November 26, 2025; February 26, 2026; May 26, 2026; and August 26, 2026.
  • FirstRand Bank Limited has utilized the floating rate note provisions and included additional terms allowing for early redemption options by the issuer.
  • The total programme amount for the notes is 90.00 billion rand, with 55.46 billion rand worth of notes already in issue under the programme.
  • The dealer for this significant issuance is FirstRand Bank Limited's Rand Merchant Bank division.
  • The listing of the FRS438 senior unsecured unsubordinated notes marks a continuation of FirstRand Bank's strategic financial maneuvers.

Statistics:

  • Nominal value of the FRS438 senior unsecured unsubordinated notes: 200.00 million rand
  • Total programme amount for the notes: 90.00 billion rand
  • Notes already issued under the programme: 55.46 billion rand
  • Maturity date of the notes: August 26, 2026
  • Issue date of the notes: August 26, 2025
  • Interest payment dates: November 26, 2025; February 26, 2026; May 26, 2026; August 26, 2026

Sources:

  • Johannesburg Stock Exchange (JSE) press release: "FirstRand Bank Limited Lists New Financial Instrument on the JSE"
  • FirstRand Bank Limited website: "FRS438 Senior Unsecured Unsubordinated Notes"