THE STANDARD BANK OF SOUTH AFRICA LIMITED - Credit Event Announcement in respect of CLN577

Credit Event Announcement in respect of CLN577

THE STANDARD BANK OF SOUTH AFRICA LIMITED (REGISTRATION NUMBER
1962/000738/06) – Credit Event Announcement in respect of CLN577


NOTICE IS GIVEN TO ALL HOLDERS OF CLN577 ZAR49,368,419.52
iTRAXX® EUROPE CROSSOVER SERIES 31 LISTED NOTE DUE 20 June 2024
(Stock Code: CLN577 and ISIN Code: ZAG000158437) (the “Note”)
issued in terms of The Standard Bank of South Africa Limited’s
Structured Note Programme (the “Programme”)) on 5 April 2019.
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 a Credit 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 HEMA Bondco I B.V. (“Hema”) due to the fact that
following the Credit Event Resolution Request Date of 18 August
2020, ISDA has on 21 August 2020 publicly announced that the
relevant   Credit   Derivatives  Determinations  Committee   has
Resolved that a Failure to Pay Credit Event had occurred in
respect of Hema, 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 Hema (such Portion the “Affected Portion”) with
     effect from 20 June 2020, 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 such portion will be amended
            to be equal to the Issuer’s ZAR term funding rate on
           the Calculation Date as 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.

Furthermore, the Issuer hereby confirms that the correct
Aggregate Nominal Amount of the Note is ZAR49,368,419.52 and not
ZAR50,000,000 as previously indicated in the Credit Event
Announcement published on 21 August 2020.

Notice is given to Noteholders for information purposes only.
No action is required by Noteholders.

Dated 27 August 2020

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: 27-08-2020 11:00:00
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