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ABSA BANK LIMITED - ACL165 - Credit Event

Release Date: 15/07/2016 16:30
Code(s): ACL165     PDF:  
Wrap Text
ACL165 - Credit Event

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

Bond Code: ACL165
ISIN Code: ZAG000094475
(the “Note”)

CREDIT EVENT ANNOUNCEMENT IN RESPECT OF ACL165

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 ACL165 ZAR30,000,000 iTRAXX Europe Crossover Series
2012-19 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 “Bankruptcy
Credit Event” has occurred in respect of Portugal Telecom International Finance B.V. (“Portugal
Telecom”), which is one of the Reference Entities included in the Index.

This Credit Event happened on or about 5 July 2016, and accordingly the Relevant Event
Determination Date has occurred in respect of Portugal Telecom 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 Portugal Telecom (the
        “Affected Portion”) with 20 June 2016 being the last 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
15 July 2016

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

Date: 15/07/2016 04:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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