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Nedbank Limited Lists New Financial Instrument on Johannesburg Stock Exchange

Strategic Insights

— 2 min read

Nedbank Limited has announced the listing of a new financial instrument, a credit-linked and combined floating/fixed rate note, on the Johannesburg Stock Exchange (JSE). The instrument, known as NN448, is part of the bank's Structured Note Programme and has a total authorized program size of R60,000,000,000.00. The new instrument has a nominal issued value of R100,000,000.00 and will mature on January 31, 2030.

Key Takeaways:

  • The new financial instrument, NN448, is a credit-linked and combined floating/fixed rate note with a total authorized program size of R60,000,000,000.00.
  • The instrument was approved for listing by the JSE Limited on February 8, 2019, under the Structured Note Programme.
  • The new instrument has a nominal issued value of R100,000,000.00 and will mature on January 31, 2030.
  • The interest rate on the floating portion of the note will be 3-month JIBAR plus a margin of 3.00%, from and including August 26, 2025, to but excluding July 31, 2028.
  • The interest rate on the fixed portion of the note will be 3.13%, from and including July 31, 2028, to but excluding January 31, 2030.
  • The books close dates for the floating portion of the note will be January 21, April 20, July 21, and October 21, until July 31, 2028.
  • The books close dates for the fixed portion of the note will be January 21 and July 21, until January 31, 2030.
  • The interest payment dates for the floating portion of the note will be October 31, 2025, and January 31, April 30, July 31, and October 31, until July 31, 2028.
  • The interest payment dates for the fixed portion of the note will be January 31 and July 31, until January 31, 2030.
  • The last day to register for the floating portion of the note will be by January 20, April 19, July 20, and October 20, until July 31, 2028.
  • The last date to register for the fixed portion of the note will be by January 20 and July 20, until January 31, 2030.
  • The interest commencement date for the floating portion of the note will be August 26, 2025, and for the fixed portion will be July 31, 2028.
  • The first interest payment date for the floating portion of the note will be October 31, 2025, and for the fixed portion will be January 31, 2029.
  • The ISIN for the new instrument is ZAG000218546.
  • The notes will be dematerialized in the Central Securities Depository (CSD) and settlement will take place electronically in terms of JSE Rules.

Statistics:

  • Authorized program size: R60,000,000,000.00
  • Total amount in issue after this issuance: R48,223,126,018.00
  • Nominal issued value: R100,000,000.00
  • Issue date: August 26, 2025
  • Issue price: 100%
  • Maturity date: January 31, 2030
  • Duration: 5 years
  • Margin for floating interest rate: 3.00%
  • ISIN: ZAG000218546

Sources:

  • Johannesburg Stock Exchange (JSE)
  • Nedbank Limited
  • Debt investors programme (nedbank.co.za)

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