THE STANDARD BANK OF SOUTH AFRICA LIMITED - Credit Event Announcement - "CLN393"

Credit Event Announcement - "CLN393"

THE STANDARD BANK OF SOUTH AFRICA LIMITED (REGISTRATION NUMBER
1962/000738/06) – Credit Event Announcement in respect of CLN393


NOTICE IS GIVEN TO ALL HOLDERS OF CLN393 ZAR42,035,513.22
iTRAXX® EUROPE CROSSOVER SERIES 22 LISTED NOTE DUE 20 DECEMBER
2019 (Stock Code: CLN393 and ISIN Code: ZAG000120841) (the
“Note”) issued in terms of The Standard Bank of South Africa
Limited’s Structured Note Programme (the “Programme”)) on
24 October 2014.     Capitalised terms used and not otherwise
defined in this announcement have the meaning given to them in
the Pricing Supplement of the Note, as read with the Programme
Memorandum.
Notice is hereby given that an Event Determination Date has
occurred under the terms of the Note: the Conditions to
Settlement have been satisfied in respect of the Portion
relating to Galapagos Holding S.A. (“Galapagos”) due to the fact
that following the Credit Event Resolution Request Date of
17 July 2019, ISDA has on 19 July 2019 publicly announced that
the relevant Credit Derivatives Determinations Committee has
Resolved that a Failure to Pay Credit Event had occurred in
respect of Galapagos, which is one of the Reference Entities
included in the Index, as listed in the Relevant Annex.
As a result of the occurrence of the Event Determination Date,
the following will occur in accordance with the provisions of
the Pricing Supplement:
  A. interest will cease to accrue in respect of the Portion
     relating to Galapagos (such Portion the “Affected Portion”)
     with effect from 20 June 2019, being the Interest Payment
     Date occurring immediately prior to the Event Determination
     Date, until the day which is 5 Business Days following the
     determination of the Final Price or the publication of the
     Auction Final Price, as the case may be, such day the
     “Calculation Date”;
  B. the Calculation Agent will determine the Cash Settlement
     Amount in respect of the Affected Portion;
  C. with effect from the Calculation Date:
    (i)    the Credit Linked Conditions will no longer apply in
           respect of the Affected Portion;
    (ii)   the Nominal Amount of the Affected Portion will be
           amended to be equal to the Cash Settlement Amount
           determined in respect of such Affected Portion (which
           amount may be positive or negative);
    (iii)   the Margin applicable to the Affected Portion will be
            amended to be equal to the offer rate (in the case of
            a positive Cash Settlement Amount) or the bid rate
            (in the case of a negative Cash Settlement Amount)
            quoted by the Issuer at 11:00 a.m. (Johannesburg
            time) on the Calculation Date on the Reuters Screen
            SBID   (or  any   successor   page)  for   negotiable
            certificates of deposit with a term closest to the
            term remaining from such date to the Scheduled
            Maturity Date, or if such rate is not available at
            such time, determined by the Calculation Agent in a
            commercially reasonable manner; and
  D. the Issuer will, as soon as reasonably practicable
     following the determination of the Cash Settlement Amount
     and the applicable Margin, notify the Noteholders of all of
     the amendments made to such Affected Portion of the Note as
     set out in (A) to (C) above.
Notice is given to Noteholders for information purposes only.
No action is required by Noteholders.
Dated 08 August 2019
Sponsor – The Standard Bank of South Africa Limited
Further information on the Note issued please contact:
Johann Erasmus           SBSA (Sponsor)
Email: johann.erasmus@standardbank.co.za

Date: 08/08/2019 09:00:00
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