Johannesburg Stock Exchange Announces Interest Rate Reset for Thekwini Fund 18 (RF) Limited Notes

Strategic Insights -

The Johannesburg Stock Exchange has issued a company announcement regarding the interest rate reset for Thekwini Fund 18 (RF) Limited Notes. The announcement affects various classes of notes, including Secured Floating Rate Notes and Secured Fixed Rate Notes, due on 21 August 2057. The interest rates for these notes have been reset for the period from 21 August 2025 to 21 November 2025. The Standard Bank of South Africa Limited acted as the debt sponsor for these notes.

Key Takeaways:

  • The interest rate reset affects 12 classes of notes, including Class A21 to Class D3 Secured Floating Rate Notes and Class A32 to Class A33 Secured Fixed Rate Notes.
  • The interest rates for the floating rate notes range from 7.017% to 10.417%, while the interest rates for the fixed rate notes range from 9.450% to 9.615%.
  • The interest rates for the floating rate notes are tied to the JIBAR rate for 3-month Rand deposits, which was fixed at 7.017% on 21 August 2025.
  • The Standard Bank of South Africa Limited served as the debt sponsor for these notes.
  • The announcement is based on condition 8.3 of the terms and conditions of the Notes.

Statistics:

  • Total face value of the Class A notes: R 3,733,000,000.00
  • Total face value of the Class B notes: R 303,000,000.00
  • Total face value of the Class C notes: R 166,000,000.00
  • Total face value of the Class D notes: R 157,000,000.00
  • Interest rates for floating rate notes range from 7.017% to 10.417%
  • Interest rates for fixed rate notes range from 9.450% to 9.615%

Sources:

  • Johannesburg Stock Exchange
  • Thekwini Fund 18 (RF) Limited
  • The Standard Bank of South Africa Limited
  • Condition 8.3 of the terms and conditions of the Notes