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Term sheet: The Republic of South Africa Sukuk Senior Unsecured Shari'ah Certificates Auction - 22 November 2023
REPUBLIC OF SOUTH AFRICA
Department of National Treasury
Issuer code: BIRSA
("National Treasury")
TERM SHEET: The Republic of South Africa Sukuk Senior Unsecured Shari'ah Certificates Auction - Wednesday, 22 November 2023
Issuer Details
The RSA Domestic Sukuk Trustee (RF) Proprietary Limited
Issuer as trustee of
The RSA Domestic Sukuk Trust
Obligor The Republic of South Africa (RSA)
Programme Type Domestic Trust Shari'ah Certificate Issuance Programme
Approved Value of Trust Assets Not less than ZAR60 billion
Obligor Global Credit Rating Moody's: Ba2 (stable) | S&P Global: BB- (stable)
Obligor National Credit Rating Moody's: Aaa.za | S&P Global: zaAAA
Auction and Offer Details
Target of ZAR20 billion
Targeted Aggregate Face Amount The RSA reserves the right to increase the issue if pricing and volume
supports
Stock Code RS2029 RS2031 RS2034 RS2036
Minimum amount per Certificate ZAR2 billion ZAR2 billion ZAR2 billion ZAR2 billion
Tenor 5.4-year 7.4-year 10.4-year 12.4-year
Fixed Profit Rate Guidance TBA TBA TBA TBA
Periodic Distribution Basis Fixed with Semi-annual distributions
Scheduled Dissolution Date 31 Mar 2029 31 Mar 2031 31 Mar 2034 31 Mar 2036
Status and Form of Trust Certificates Senior unsecured, to be listed on the Interest Rate Market of the JSE Limited
Auction Date Wednesday, 22 November 2023
Auction Time 09h00 – 11h00
Settlement Date Wednesday, 29 November 2023 (T+5)
Placement Methodology Dutch Auction (Sealed bid without feedback)
Gauteng & Other: RMB FI Team + 27 (0)11 269 9040 or
fixedincomesales@rmb.co.za
Contact Details to Bid Cape Town: Standard Bank FI Team + 27 (0)11 415 7844 or
fixedincomesales@standardbank.co.za
Auction Process
The auction will be conducted as a sealed bid without feedback
Any bids by the Arrangers will only be accepted between 09h00 and 09h30 on Auction Date
Staggered bids are encouraged
Where bids are emailed through, please note these bids may only be accepted in the book if a return email of
acknowledgement is sent by the respective Fixed Income teams
When placing conditional bids, we will require your volume and price for the respective note. You may indicate your
preference and set a maximum amount to be allocated if successful
The Fixed Profit Rate per Certificate will be set at 11h00 on the Auction Date
Allocation Process
All successful bids clear at one clearing Profit Rate
Bids with pricing tighter than the clearing Profit Rate will receive full allocation
The Issuer reserves the right to increase the Target Aggregate Face Amount should Profit Rates and volume bid
support
The Issuer reserves the right to issue the Certificates at their sole discretion
Contact details for the Dealers
Investors based in Gauteng & Other regions: Investors based in Cape Town:
Rand Merchant Bank Standard Bank
To bid: Fixed Income Sales To bid: Fixed Income Sales
+27 (0)11 269 9040 (Deon Kohlmeyer, Michelle +27 (0)11 415 7844 (John de Beer, Sandy Moodley)
Wohlberg) fixedincomesales@rmb.co.za fixedincomesales@standardbank.co.za
Queries: DCM Distribution Queries: Head: Syndicate SA
Delia Patterson +27 (0)83 676 9595 Carl Wiesner +27 (0)82 757 5395
Delia.Patterson@rmb.co.za Carl.Wiesner@standardbank.co.za
Head: Debt Capital Markets SA Manager: Debt Capital Markets
Leigh Buckley Katlego Ramatlhare
Leigh.Buckley@rmb.co.za Katlego.Ramatlhare@standardbank.co.za
CEO: FNB Islamic Banking Head: Shari'ah Banking
Amman Muhammad Ameen Hassen
Amuhammad@fnb.co.za Ameen.Hassen@standardbank.co.za
Pretoria
1 November 2023
Debt Sponsor
One Capital
Disclaimer – National Treasury
The Trust Certificates are still subject to final approval from the JSE Limited and will not be sold and offers
to buy Trust Certificates will not be accepted until a final Programme Memorandum has received final
approval from the JSE Limited.
Confidentiality and Disclaimer - RMB
This document does not constitute an offer or invitation to subscribe for or purchase any securities and
nothing contained herein shall form the basis of any contract or commitment whatsoever. This document is
being communicated only to persons who have professional experience in matters relating to investments
and to persons to whom it may be lawful to communicate it to (all such persons being referred to as relevant
persons). This document is only directed at relevant persons and any investment or investment activity to
which the document relates is only available to relevant persons or will be engaged in only with relevant
persons. Solicitations resulting from this document will only be responded to if the person concerned is a
relevant person. Other persons should not rely or act upon this document or any of its contents. This
document is intended for distribution in the Republic of South Africa only. This document is confidential and
is being supplied to you solely for your information and may not be reproduced, redistributed or passed on
to any other person or published in whole or in part for any other purpose. Any decision to purchase
securities in the context of a proposed offering of securities, if any, should be made solely on the basis of
information contained within an offering circular, programme memorandum or prospectus published in
relation to such an offering. No representation or warranty is given as to the accuracy or completeness of
the information contained herein. By accepting any copy of the document presented, you agree to be bound
by the foregoing limitations.
Confidentiality and Disclaimer – Standard Bank
If you received this document in error, please immediately return the document and other related documents
to Standard Bank.
On receipt of this document, you agree to be bound and are deemed to understand that:
This term sheet is provided for information purposes only on the express understanding that the information
contained herein will be regarded as strictly confidential. It is not to be delivered nor shall its contents be
disclosed to anyone other than the entity to which it is being provided and its employees and shall not be
reproduced or used, in whole or in part, for any purpose other than for the consideration of the financing or
transaction described herein. If this term sheet has been received in error it must be returned immediately
to The Standard Bank of South Africa Limited ("Standard Bank"). This is a commercial communication. The
information does not include a personal recommendation and does not constitute an offer, or the solicitation
of an offer for the sale or purchase of any financial product, service, investment or security. The information,
investments and/or strategies discussed here may not be suitable for all investors; if you have any doubts
you should consult your investment advisor. No liability is accepted by Standard Bank and/or any affiliate,
subsidiary or branch thereof (the "Standard Bank Group") whatsoever for any direct or consequential loss
arising out of reliance upon all or any part of the information contained in this term sheet. You are not relying
on any communication (written or oral) from any member of the Standard Bank Group as investment advice
or as a recommendation to enter into any transaction; it being understood that information and explanations
related to the terms and conditions of a transaction shall not be considered investment advice or a
recommendation to enter into that transaction. No communication (written or oral) received from any member
of the Standard Bank Group shall be deemed to be an assurance or guarantee as to the expected results
of that transaction. The investments discussed may fluctuate in price or value. Whilst every care has been
taken in preparing this term sheet, no member of the Standard Bank Group gives any representation,
warranty or undertaking, express or implied, and accepts no responsibility or liability as to the accuracy, or
completeness, of the information, statement, assumption or projection contained in this term sheet. Past
performance is not indicative of future results.
For the avoidance of doubt, our duties and responsibilities shall not include tax, advisory, legal, regulatory,
accounting or other specialist or technical advice or services. You are to rely on your own independent
appraisal of and investigations into all matters and things contemplated by this term sheet. By accepting
this term sheet, you agree to be bound by the foregoing limitations. Kindly note that this term sheet does not
represent an offer of funding since any facility to be granted in terms of this term sheet would be subject to
the Standard Bank Group obtaining the requisite internal and external approvals.
Copyright 2022 Standard Bank Group. All rights reserved.
Date: 01-11-2023 11:00:00
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