Standard Bank of South Africa Limited Announces Redemption Process for Listed SBEN39 Equity Index Linked Notes

Strategic Insights -

As the redemption process for the SBEN39 Equity Index Linked Notes is in its final stages, Standard Bank of South Africa Limited has provided detailed information regarding the process. According to the announcement made by the bank, the index level for the notes was determined on 19 June 2025 at 484.1164, while the foreign exchange final level was calculated on 20 June 2025 as ZAR17.9936/USD1.00. Holders of the notes have two primary options for their redemption proceeds: receiving delivery of Exchange-Traded Funds (ETFs) correlating with the redemption value or instructing Standard Bank to sell the ETFs on their behalf.

Key Takeaways:

  • The SBEN39 Equity Index Linked Notes are set to mature on 26 June 2025, and the redemption process has reached its final stages.
  • The index level for the notes was determined on 19 June 2025 at 484.1164, while the foreign exchange final level was calculated on 20 June 2025 as ZAR17.9936/USD1.00.
  • Holders of the notes have two primary options for their redemption proceeds: receiving delivery of Exchange-Traded Funds (ETFs) correlating with the redemption value or instructing Standard Bank to sell the ETFs on their behalf.
  • Option 1 allows holders to receive delivery of ETFs correlating with the redemption value of the notes, while Option 2 provides holders with the choice to instruct Standard Bank to sell the ETFs on their behalf.
  • For those holders who did not make a selection between the two options by the deadline of 12:00pm on 18 June 2025, Option 2 will apply by default.
  • The payment of sale proceeds will be made to holders who selected Option 1, amounting to 112,171.83 South African cents per note.
  • The SBEN39 notes will be de-listed from the Johannesburg Stock Exchange on 27 June 2025 after the completion of either the delivery of ETFs or the payment of sale proceeds.

Statistics:

  • Index level determined on 19 June 2025: 484.1164
  • Foreign exchange final level calculated on 20 June 2025: ZAR17.9936/USD1.00
  • Redemption value per note: ZAR1,121,718.33
  • Number of days from announcement deadline to maturity: 8 days
  • Notable number of noteholders who failed to select option by the deadline: Not specified

Sources:

  • Standard Bank of South Africa Limited, "Redemption Process for SBEN39 Equity Index Linked Notes" (unspecified date, but likely 23 Jun 2025)
  • Johannesburg Stock Exchange (JSE), "SBEN39 Equity Index Linked Notes" (unspecified date)