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Securities law

South African Securitisation Programme Announces Interest Rate Reset for Floating Rate Callable Notes

Strategic Insights

— 1 min read

South African Securitisation Programme (RF) Limited has announced an interest rate reset for its series of floating rate callable notes. This adjustment impacts several bonds under the programme, each with varying nominal issued values and coupon rates. The reset is part of the programme's effort to provide secure and regulated transactions for investors participating in the floating rate callable notes programme. The programme has an authorised size of 5.00 billion rand, with total notes outstanding amounting to 1.76 billion rand.

Key Takeaways:

  • The South African Securitisation Programme (RF) Limited has announced an interest rate reset for its series of floating rate callable notes, affecting bonds with varying nominal issued values and coupon rates.
  • The programme has an authorised size of 5.00 billion rand, with total notes outstanding amounting to 1.76 billion rand.
  • Bond code ERSA30 has a nominal issued value of 344.00 million rand, features a coupon rate of 9.458%, calculated as the 3-month JIBAR plus 200 basis points, and a final maturity date of November 17, 2030.
  • Bond code ERSA31 offers a higher coupon rate of 9.658%, derived from the 3-month JIBAR plus 220 basis points, with a final maturity date and next interest date consistent with ERSA30.
  • Bond code ERSA32 has a nominal issued value of 263.00 million rand, with a coupon rate of 9.358%, based on the 3-month JIBAR plus 190 basis points, and its final maturity and next interest dates are consistent with the other bonds.
  • Other bonds, such as ERS3B9, ERSB10, ERS3C9, and ERSC10, have varying nominal values, coupon rates, and call or step-up dates, but maintain consistent final maturity dates and next interest dates.
  • The interest commencement date for all bonds is set for May 19, 2025, and the programme utilises the Central Securities Depository for secure and regulated transactions.

Statistics:

  • Programme size: 5.00 billion rand
  • Total notes outstanding: 1.76 billion rand
  • Number of bonds affected: Multiple bonds, including ERSA30, ERSA31, ERSA32, and others
  • Coupon rates: ranging from 9.458% to 10.008%
  • 3-month JIBAR basis points: ranging from 190 to 255
  • Final maturity dates: consistent for multiple bonds, set at November 17, 2030
  • Next interest payment date: August 18, 2025, for all bonds
  • Interest commencement date: May 19, 2025, for all bonds

Sources:

  • Johannesburg Stock Exchange (JSE)
  • South African Securitisation Programme (RF) Limited

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