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Johannesburg Stock Exchange Approves New Financial Instruments for Fortress Real Estate Investments Limited

Strategic Insights

— 1 min read

The Johannesburg Stock Exchange (JSE) has granted approval for new financial instrument listings to Fortress Real Estate Investments Limited, a company incorporated in the Republic of South Africa. The new listings are part of Fortress's Domestic Medium Term Note Programme, which aims to raise R 20,000,000,000.00. The programme will issue two new bonds, FIFB31 and FIFB32, with a total nominal value of R 820,000,000.00. The bonds will have a floating interest rate, with FIFB31 maturing on May 21, 2028, and FIFB32 maturing on May 21, 2030.

Key Takeaways:

  • The JSE has approved the listing of two new financial instruments, FIFB31 and FIFB32, under Fortress's Domestic Medium Term Note Programme.
  • The total authorized programme size is R 20,000,000,000.00, with a total amount in issue excluding these new listings at R 10,042,000,000.00.
  • The new bonds will have a floating interest rate, with FIFB31 maturing on May 21, 2028, and FIFB32 maturing on May 21, 2030.
  • The bonds will be dematerialized in the Central Securities Depository and settled electronically in terms of JSE rules.
  • Debt sponsor Nedbank Corporate and Investment Banking will facilitate the issuance of the new bonds.

Statistics:

  • R 20,000,000,000.00: The total authorized programme size.
  • R 10,042,000,000.00: The total amount in issue excluding the new listings.
  • R 820,000,000.00: The total nominal value of the two new bonds (FIFB31 and FIFB32).
  • 3-Month JIBAR: The benchmark interest rate used to determine the interest rate for the bonds.
  • 119 bps and 134 bps: The interest rate margins for FIFB31 and FIFB32, respectively.

Sources:

  • Johannesburg Stock Exchange (JSE) company announcement regarding Fortress Real Estate Investments Limited.
  • Fortress Real Estate Investments Limited's Domestic Medium Term Note Programme documents.
  • Debt sponsor Nedbank Corporate and Investment Banking's materials.
  • Johannesburg Stock Exchange (JSE) rules and regulations.

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