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Credit Event Announcement - CLN393
THE STANDARD BANK OF SOUTH AFRICA LIMITED
(REGISTRATION NUMBER 1962/000738/06) – Credit Event Announcement in respect of CLN393
NOTICE IS GIVEN TO ALL HOLDERS OF CLN393 ZAR45,788,733.90
iTRAXX® EUROPE CROSSOVER SERIES 22 LISTED NOTE DUE 20 DECEMBER
2019 (Stock Code: CLN393 and ISIN Code: ZAG000120841) (the
“Note”) issued in terms of The Standard Bank of South Africa
Limited’s Structured Note Programme (the “Programme”)) on 24
October 2014. 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 an 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 Grupo Isolux Corsan Finance BV (“Isolux”) due to the
fact that following the Credit Event Resolution Request Date of
02 August 2016, ISDA has on 05 August 2016 publicly announced
that the relevant Credit Derivatives Determinations Committee
has Resolved that a Bankruptcy Credit Event had occurred in
respect of Isolux, 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 Isolux (such Portion the “Affected Portion”)
with effect from 20 June 2016, 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 the Affected 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
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.
Notice is given to Noteholders for information purposes only.
No action is required by Noteholders.
Dated 02 September 2016
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: 02/09/2016 01:33:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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