THE STANDARD BANK OF SA LTD - Credit Event Announcement - CLN406

Credit Event Announcement - CLN406

THE STANDARD BANK OF SOUTH AFRICA LIMITED
(REGISTRATION NUMBER 1962/000738/06)

Credit Event Announcement in respect of CLN406


NOTICE IS GIVEN TO ALL HOLDERS OF CLN406 ZAR30,000,000 iTRAXX®
EUROPE CROSSOVER SERIES 23 LISTED NOTE DUE 20 JUNE 2020 (Stock
Code: CLN406 and ISIN Code: ZAG000127135) (the “Note”) issued in
terms of The Standard Bank of South Africa Limited’s Structured
Note Programme (the “Programme”)) on 11 June 2015. 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 the Issuer has received notice from
the Calculation Agent that a Failure To Pay Credit Event has
occurred in respect of Abengoa S.A. (“Abengoa”), 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 Abengoa to pay amounts due with respect to the series
of notes with the ISIN’s listed below, in each case issued under
Abengoa’s €750,000,000 Euro-Commercial Paper Programme:
1.     XS1196382839;
2.     XS1239396895;
3.     XS1242834932;
4.     XS1243179162;
5.     XS1201913495; and
6.     XS1247744383
The date on which this Credit Event occurred was 11 December
2015, and accordingly the Credit Event Determination Date has
occurred in respect of Abengoa under the terms of the Note.
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://www.ise.ie/app/announcementDetails.aspx?ID=12618802.
As a result of the occurrence of the Credit Event Determination
Date in respect of Abengoa, 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 Abengoa (such Portion the “Affected Portion”)
        with effect from 20 September 2015, being the Interest
        Payment Date occurring immediately prior to the Credit
    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, the Credit Linked
     Conditions will no longer apply in respect of the Affected
     Portion;
  D. the Nominal Amount of the Affected Portion will be amended
     to be equal to the Cash Settlement Amount determined in
     respect of such Portion (which amount may be positive or
     negative);
  E. the Margin applicable to such 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
  F. 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 (E) above.
Notice is given to Noteholders for information purposes only.
No action is required by Noteholders.
Dated 15 December 2015
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

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