THE STANDARD BANK OF SA LTD - The Standard Bank of South Africa Limited - Credit Event Announcement CLN302 - BISTDB

The Standard Bank of South Africa Limited - Credit Event Announcement CLN302 - BISTDB

The Standard   Bank   of   South   Africa   Limited   -   Credit   Event
Announcement

THE STANDARD BANK OF SOUTH AFRICA LIMITED (REGISTRATION NUMBER
1962/000738/06) – Credit Event Announcement in respect of CLN302

Stock Code:    CLN302
ISIN Code:     ZAG000101650
NOTICE IS GIVEN TO ALL HOLDERS OF CLN302 ZAR30,000,000 iTRAXX®
Europe Crossover Series 18 Listed Notes due 20 December 2017
(the “Notes”) issued in terms of The Standard Bank of South
Africa Limited’s Structured Note Programme (formerly the Credit
Linked Note Programme) (the “Programme”)) on 26 November 2012.
Capitalised terms used and not otherwise defined in this
announcement have the meaning given to them in the Pricing
Supplement of the Notes, as read with the Programme Memorandum.
Notice is hereby given that the Issuer has received notice from
the Calculation Agent that a Failure To Pay Credit Event has
occurred in respect of Codere Finance (Luxembourg) S.A.
(“Codere”), which is one of the Reference Entities included in
the Index, as listed in the Relevant Annex. The Failure to Pay
Credit Event relates to the failure of Codere to make the
interest payment due on 15 August 2013 in respect of its
USD 300,000,000 9.250% Senior Notes due 2019 within the thirty
day grace period applicable.    The date on which this Credit
Event occurred was 15 September 2013, and accordingly the Event
Determination Date has occurred in respect of Codere under the
terms of the Notes.
A copy of the Credit Event Notice and Notice of Publicly
Available Information confirming the occurrence of the events
described above will be made available to Noteholders on
request. Further information is also available at the following
address: http://dc.isda.org/cds/codere-finance-luxembourg-sa/ .
As a result of the occurrence of the Event Determination Date in
respect of Codere, the Loss Amount in respect of Codere is
ZAR 1,200,000, being the relevant Reference Entity Notional
Amount.   The Aggregate Loss Amount in respect of the Note will
accordingly be increased from zero to ZAR 1,200,000, but the
Incurred Loss Amount will remain at zero and the Outstanding
Notional Amount will accordingly be unaffected by the occurrence
of this Credit Event.
Notice is given to Noteholders for information purposes only.
No action is required by Noteholders.
Dated 18 October 2013
Sponsor – The Standard Bank of South Africa Limited
Further information on the Note issued please contact:
Johann Erasmus           SBSA (Sponsor)      (011) 378 7826
Email: johann.erasmus@standardbank.co.za

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