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ABSA BANK LIMITED - ASN078 - Credit Event Announcement in respect of ASN078

Release Date: 21/12/2015 12:00
Code(s): ASN078     PDF:  
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ASN078 - Credit Event Announcement in respect of ASN078

ABSA BANK LIMITED
(Incorporated with limited liability in South Africa under registration number 1986/004794/06)
(the “Issuer”)

Bond Code: ASN078
ISIN Code: ZAG000128448
(the “Note”)

CREDIT EVENT ANNOUNCEMENT IN RESPECT OF ASN078

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 given to all holders of ASN078 ZAR10,000,000 iTRAXX Europe Crossover Series 23
listed floating rate portfolio credit linked note due 20 June 2020 issued in terms of Absa Bank
Limited’s Master Structured Note Programme on 31 July 2015, that the Issuer has received
notice via the announcement from the International Swaps and Derivatives Association Inc.
(“ISDA”) that its EMEA Credit Derivatives Determinations Committee resolved 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.

This Credit Event happened on or about 11 December 2015, and accordingly the Relevant Event
Determination Date has occurred in respect of Abengoa under the terms of the Note.

In terms of the provisions of the Pricing Supplement –

1.      interest will cease to occur in respect of the portion relating to Abengoa (the “Affected
        Portion”) with effect from 20 September 2015, being the Interest Payment Date occurring
        immediately prior to the Relevant Event Determination Date;

2.      the Calculation Agent will determine and make payment of the relevant Auction
        Settlement and/or the Cash Settlement Amounts in respect of the Affected Portion, minus
        Swap Costs; and

3.      the amount of the Notes equal to the Reference Entity Nominal Amount of the Notes will
        be redeemed and delisted.

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.

No action is required by Noteholders, this Notice is issued for information purposes only.

Further information on the Note issued please contact:
Nico le Roux
Email: nico.leroux@absacapital.com
Tel +27 (0)11 895 5311

21 December 2015

Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Banking division)

Date: 21/12/2015 12:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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