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Banks (Finance)

Investec Bank Limited Lists New Financial Instrument on Johannesburg Stock Exchange

Strategic Insights

— 1 min read

Investec Bank Limited has taken a significant step by listing a new financial instrument on the Johannesburg Stock Exchange (JSE), marking a significant milestone in the growth of the company's credit-linked note program. The new instrument, named IVC350 Notes, will allow investors to participate in the bank's innovative financial products, offering a unique investment opportunity with a competitive interest rate. The listing is set to take effect on May 27, 2025, with an initial amount of R100.00 million in senior unsecured floating rate credit linked notes.

Key Takeaways:

  • The IVC350 Notes, issued under Investec Bank Limited's Credit Linked Note Programme, feature a principal amount of R1,000,000 per note, with an issue price of 100% and an interest rate comprising the ZAR-JIBAR-SAFEX reference rate plus a margin.
  • The margin is specified at 1.275% from the issue date up to but excluding the optional redemption date, and 1.425% from the optional redemption date until the scheduled maturity date.
  • The scheduled maturity date for the notes is May 27, 2028, with an optional redemption date set for May 27, 2027.
  • The notes will commence trading on the issue date, with interest commencing on the same day, and interest payment dates are scheduled for February 27, May 27, August 27, and November 27 each year.
  • The aggregate nominal amount of notes outstanding under Investec Bank Limited's programme will be R16.26 billion following this issuance.
  • Investors are advised to review the applicable pricing supplement for comprehensive details on the terms and conditions of the IVC350 Notes.

Statistics:

  • Initial amount: R100.00 million
  • Principal amount per note: R1,000,000
  • Issue date: May 27, 2025
  • Scheduled maturity date: May 27, 2028
  • Optional redemption date: May 27, 2027
  • Interest rate: ZAR-JIBAR-SAFEX reference rate plus 1.275% or 1.425% depending on the date
  • Interest payment dates: February 27, May 27, August 27, and November 27 each year
  • Aggregate nominal amount of notes outstanding: R16.26 billion following this issuance

Sources:

Johannesburg Stock Exchange (JSE), "Investec Bank Limited Listing of New Financial Instrument" (26 May 2025)

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